Ingredion Q3 Profit Increases; Cuts 2014 EPS View - Quick Facts

(RTTNews) - Ingredion Inc. (INGR) reported that its third-quarter net income attributable to the company increased to $118.6 million or $1.60 per share, from $86.3 million or $1.10 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.59 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales dropped to $1.460 billion from $1.612 billion in the previous year. Wall Street expected revenues of $1.50 billion.

"Overall, we expect our current business momentum to carry into the fourth quarter. We have been progressively overcoming a slow start in 2014. While we do not believe we will make up for all the challenges we faced earlier this year, our performance trajectory and recent strategic actions position us well for the future,"said Ilene Gordon, chairman, president and chief executive officer.

Earnings per share for 2014 is now expected to be in a range of $5.35 to $5.50 compared to $5.05 in 2013. Analysts expect annual earnings of $5.50 per share. The company said in July that it expected earnings per share to be $5.40 to $5.70.

The guidance anticipates North America operating income will be down for the full year. Its momentum has been good in the second and third quarters in North America, but we do not expect to compensate for the slow start to the year. Cash generated by operations is expected to be $700 million - $750 million in 2014.

Capital expenditures in 2014 are now anticipated to be slightly below $300 million.