WESTCHESTER, ILLINOIS, U.S. — Ingredion Inc. reported on Oct. 25 adjusted earnings per share (EPS) for the third-quarter increased 27% to $1.52 from $1.20 in the same quarter a year ago. This represents the highest adjusted EPS in the company’s history.
“Underlying this performance were volume improvement, operating efficiencies and price increases to cover higher raw material costs and foreign exchange headwinds,” said Ilene Gordon, chairman, president and chief executive officer. “As a result of the third quarter performance, we are increasing our full year guidance and now expect adjusted EPS to grow between 17% and 19% in 2012.
Year-to-date adjusted EPS increased 15% to $4.11, compared to $3.57 a year ago, the company said.
"We continue to see the strength of our business model, even in challenging times. We have generated meaningful top and bottom line growth while prudently navigating a volatile environment. Our confidence in our 2012 outlook and the reliability of the business prompted us to raise our dividend by 30 percent during the third quarter," Gordon said.
During the third quarter of 2012, net financing costs were $16 million versus $13 million in the year-ago period. The increase primarily reflects a prior year foreign exchange gain.
As part of its ongoing strategic optimization, Ingredion said it is exiting its relatively small Chinese joint venture. This action resulted in a $4 million impairment charge.