WESTCHESTER, ILLINOIS, U.S. — Ingredion Inc. reported on Feb. 7 earnings per share of $5.47 for 2012, an increase of 3% from the $5.32 reported in 2011.
For the fourth quarter of 2012, the company reported earnings per share of $1.42, an increase of 16% from the $1.22 reported in the same period a year earlier.
"We delivered a strong fourth quarter and full year in spite of ongoing macroeconomic volatility," said Ilene Gordon, chairman, president and chief executive officer. "Underlying this performance, we saw price increases to cover higher raw material costs and foreign exchange headwinds, volume improvement, and operating efficiencies. We continue to see the strength of our business model, even in challenging times. Our ability to manage risk while capitalizing on growth markets and trends provides us with an attractive position.
“Looking ahead, 2013 poses its own unique challenges; however, we believe that we are positioned to show further growth as we execute our strategic blueprint. We continue to demonstrate the ability to realize appropriate pricing to cover higher input cost while our growth opportunities in emerging markets and mix improvement strategy remain intact.”
The fourth quarter of 2012 included 11¢ of restructuring and impairment charges partially offset by a 4¢ gain from a benefit plan change and a 2¢ gain from the sale of land. The fourth quarter of 2011 included a 23¢ gain from a change in a post-retirement plan partially offset by 9¢ of business integration costs and 3¢ of restructuring charges. Excluding these items, adjusted EPS increased 32% from $1.11 to $1.47 in the quarter.
Full year 2012 diluted EPS rose 3% to $5.47 compared to $5.32 last year. 2012 included a 16¢ per share benefit from the discrete release of the Korean deferred tax valuation allowance, a 4¢ gain from a benefit plan change and a 2¢ gain from the sale of land that were offset by 29¢ of restructuring and impairment charges, and 3¢ of business integration costs.
2011 included a 75¢ gain from a NAFTA settlement with the government of Mexico and a 23¢ gain from a change in post-retirement plan, partially offset by 26¢ of business integration costs and 8¢ of restructuring charges. Excluding these items, adjusted EPS increased 19% from $4.68 to $5.57 in 2012.
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