Ingredion Incorporated (NYSE:INGR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 09:00 am ET


Ingredion Incorporated (NYSE:INGR) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to Ingredion's Inc. Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference to your speaker today Tiffany Willis, Vice President Investor Relations and Corporate Communications Officer. Please go ahead, ma'am.

Jim Zallie

Thank you, Victor and good morning everyone and welcome to Ingredion's second quarter 2020 earnings call. I'm Tiffany Willis, Vice President of Investor Relations and Corporate Communications Officer. On today's call are Jim Zallie, our President and CEO; and Jim Gray, our Executive Vice President and Chief Financial Officer.

We issued our results this morning in a press release that can be found on our website in the Investors section. The slides accompanying this presentation can also be found on the website and were posted a few hours ago for your convenience.

As a reminder, our comments within this presentation may contain forward-looking statements. These statements are subject to various risks and uncertainties. These statements include expectations and assumptions regarding the Company's future operations and financial performance, including the impact of the COVID-19 pandemic. Actual results could differ materially from those predicted in the forward-looking statements, and Ingredion assumes no obligation to update them in the future as or if circumstances change.

Additional information concerning factors that could cause actual results to differ materially from those discussed during today's conference call or in this morning's press release can be found in the Company's most recently filed annual report on Form 10-K and subsequent reports, Forms 10-Q and 8-K.

During this call, we also refer to certain non-GAAP financial measures, including adjusted earnings per share, adjusted operating income and adjusted effective tax rate, which are reconciled to US GAAP measures in Note Two non-GAAP information included in our press release and in today's presentation appendix.

And with that, I'm now pleased to turn the call over to Jim Zallie. Thank you, Tiffany, and good morning, everyone. Back in early May, when we last updated you, our world and our industry were all still coming to grips with the impact of the global pandemic. While the uncertainty has persisted, Ingredion has remained an essential business in the food supply chain, continuing to provide a secure supply of ingredients to customers and meet their changing needs. I am proud that over the last six months, our employees have risen to the challenges, demonstrating preparedness, persistence and resilience, which has enabled us to continue to progress our strategy through these unprecedented times. The three priorities that we established from the beginning have continued to guide our actions. Our first priority for employees' safety, health and wellness, has allowed us to operate our facilities and continue to seamlessly meet the needs of our customers while quickly, creatively and productively adapting to new ways of working. Second, our role during these times as a responsible corporate citizen has brought us even closer to the communities in which we operate, reinforcing the already strong local bonds and connections we have