Ingredion Q1 Profit Down, Miss Estimates; Backs Full-Year Earnings View

(RTTNews) - Ingredion, Inc. (INGR), a manufacturer of starch and sweetener ingredients, Wednesday reported a fall in earnings for the first quarter as sales declined by 14 percent. Earnings also missed analysts' estimates. The company reaffirmed its earnings outlook for 2014.

For the first quarter, the company reported net earnings of $72.6 million or $0.96 per share, compared with $110.8 million or $1.41 per share a year earlier.

On average, 9 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.10 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the 3-month period decreased to $1.357 billion from $1.584 billion a year earlier. Analysts expected sales of $1.43 billion.

For 2014, the company confirmed that it expects earnings of $5.35 to $5.75 per share in 2014. The company said it expects sales to drop significantly during the year.