Ingredion Incorporated (NYSE:INGR) Q4 2023 Earnings Call Transcript

James P. Zallie: But we have proven over time, the last couple of years, that we will be opportunistic, and we will be very meaningful in relationship to making share repurchases that will be accretive.

James D. Gray: That’s right. And part of our overall capital return to shareholders.

James P. Zallie: Yes. So, I would say, you should continue to follow what we’ve done in the past because I think we’ve been very purposeful and clear about our capital allocation approach, and we will continue to do so. But with the strategy refresh, clearly, we would like to expand our toolbox of solutions capabilities for textural offerings and in those targeted areas for Healthful solutions. So, it’s always a balancing act, Adam, but I think the other thing just to emphasize, as I said earlier, is we will continue to be disciplined and be good stewards of capital.

James D. Gray: Yes. I mean, and it’s not necessarily a matter of either or, right. It is, I do look at it as both, and both are somewhat dependent upon opportunity and windows. And to Jim’s point, right, on M&A that’s focused on our Ingredient solutions and expanding our strategy, we are disciplined in terms of getting after opportunities. You have to say that would between risk free rates and overall multiples that valuations are probably more attractive now than they have been in maybe the last five to seven years. And as a strategic buyer, I think that we look at capabilities and assets that can really help us accelerate what we want to do in Textures and in Healthful solutions.

Adam Samuelson: Yes. Okay. I appreciate that color. I’ll pass it on. Thanks.

James D. Gray: Thanks, Adam.

Operator: That concludes today’s question-and answer-session. I’d like to turn the call back to Jim Zallie, for closing remarks.

James P. Zallie: I want to thank everybody for joining us this morning. We look forward to seeing many of you at our upcoming investor events with the next significant engagement being CAGNY in Boca Raton on February 21. And, I want to thank you for your continued interest in Ingredion.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.