WESTCHESTER, ILLINOIS, U.S. — Ingredion Inc. reported on July 30 that net income attributable to the company increased to $102.6 million for the second quarter from $95.1 million for the same quarter a year ago.

Earnings per share increased from $1.20 a year ago to $1.35. Net sales were down 9% to $1.483 billion from $1.633 billion. 

“We are pleased to deliver a good second quarter that reflects the overall positive trajectory of our business,” said Ilene Gordon, chairman, president and chief executive officer. “Volumes were up in all four regions. North America, Asia Pacific and EMEA delivered strong operating income results. In South America, operating income improved in Brazil and Colombia but was offset by anticipated year-over-year declines in Argentina. 

“Today, we have also entered into an accelerated share repurchase agreement. This serves two purposes. First, we believe it is appropriate to return additional cash to shareholders even as we continue to look for strategic acquisitions. These actions support our strategy to deploy cash in shareholder friendly ways. Second, we will benefit from the EPS accretion this year and next.”

Under the terms of the ASR, Ingredion has agreed to repurchase $300 million of its common stock from JPMorgan, in total, with an initial delivery of approximately 3.1 million shares, representing 80% of the shares anticipated to be repurchased based on current market prices. 

The final number of shares will be based on the volume-weighted average price, less a discount, of common stock during the term of the transaction, which is expected to be completed no later than the end of the fourth quarter of 2014.

2014 EPS is expected to be in a range of $5.40 to $5.70 compared to $5.05 in 2013, Ingredion said. The guidance anticipates continued cost pressures in Argentina and softness in the Brazilian economy; ongoing strong performance in Mexico; and an effective tax rate of 27% to 28%. 

In-line with previous guidance, operating income in Asia Pacific and Europe, the Middle East and Africa is expected to be up, while North American operating income is expected to be flat to slightly up. South America is now expected to be slightly down. As a result of lower input costs, sales are expected to drop significantly for the total company.