MONTERREY, MEXICO — “Excellent performance” within the company’s better-for-you product category helped drive an operating income gain at Gruma USA in fiscal 2024.

In the year ended Dec. 31, 2024, Gruma USA had operating income of $588.8 million, up 4.2% from $565.2 million in fiscal 2023. For the fourth quarter ended Dec. 31, operating income decreased 11% to $138.1 million from $156 million.

Net sales at Gruma USA decreased 1% in fiscal 2024 to $3.61 billion from $3.65 billion a year ago. Net sales in the fourth quarter also were lower, falling 3% to $863.1 million from $890.4 million a year ago.

Gruma said sales volume decreased 2% in the fourth quarter to 388,000 tonnes, mainly due to volume contraction at the foodservice channel.

“In the corn flour business, volumes increased by 2% with a continuous path to recovery in the industrial sales side of the business, while the retail channel of this business continues to support a positive performance overall,” Gruma said.

Gruma said operating margin declined 150 basis points to 16% during the fourth quarter.

Cost of sales as a percentage of net sales fell 4% to $493.8 million during the fourth quarter of 2024, mainly due to efficiencies, Gruma said.

Gruma said it spent $69 million on capital expenditures during the fourth quarter and $233 million for the full year. During the fourth quarter, the company allocated expenditures to general upgrades and maintenance across the company, particularly at GIMSA; capacity expansions in Europe; additional production lines in China; and additional capacity in Guatemala.