Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, reported results for the third quarter 2012.
- Third quarter 2012 reported EPS rose 29 percent to $1.45 from $1.12 in the third quarter 2011
- Third quarter 2012 adjusted EPS increased 27 percent to $1.52 from $1.20 in 2011
- Year-to-date 2012 reported EPS fell 1 percent to $4.06 compared to $4.10 in the year-ago period
- Year-to-date 2012 adjusted EPS rose 15 percent to $4.11 compared from $3.57 a year ago
- Company raises full year 2012 reported and adjusted EPS guidance
"We delivered a strong third quarter in spite of ongoing macroeconomic volatility," said Ilene Gordon, chairman, president and chief executive officer. "Our third quarter adjusted earnings per share were the highest quarterly adjusted EPS in our company's history. Underlying this performance were volume improvement, operating efficiencies and price increases to cover higher raw material costs and foreign exchange headwinds. 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 percent in 2012.
"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 added.