Photo: ©STOCKPHOTOMAN – STOCK.ADOBE.COM MONTERREY, MEXICO — Demand for new products in the company’s “better-for-you” line helped drive Gruma USA’s performance in the fourth quarter and full fiscal year. In the year ended Dec. 31, 2022, Gruma USA had operating income of $440.9 million, up 20% from $368.9 million in fiscal 2021. For the fourth quarter ended Dec. 31, operating income increased 31% to $140.7 million from $107.3 million. Net sales at Gruma USA increased 23% in fiscal 2022 to $3.2 billion, up from $2.6 billion a year ago. Net sales in the fourth quarter increased 29% to $890.7 million from $690.4 million. Gruma said sales volume increased 8% in the fourth quarter to 418,000 tonnes, driven by both the tortilla and corn flour businesses. “The tortilla business grew 12.8% in volume in 4Q22,” Gruma said. “Excluding the effect from the additional week, tortilla volume would have grown 5% and benefited from higher consumption of corn products in light of inflation pressures, in addition to stable ongoing growth from Gruma’s ‘better-for-you’ product line. Demand for new products in that market continues to contribute to volume performance. “In corn flour, volumes rose 2% during the quarter; excluding the additional week […]
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