WESTCHESTER, ILL. — Net income of Ingredion in the third quarter ended Sept. 30 was $107.9 million, equal to $1.51 per share on the common stock, down 9% from $118.6 million, or $1.62 per share, in the third quarter last year. Net sales were $1,436.7 million, down 2% from $1,460.3 million.
“Our solid third-quarter results reflect the overall positive trajectory of our business,” said Ilene Gordon, chairman, president and chief executive officer. “Higher core and specialty volumes, improved mix, good operating efficiency, and the impact of acquisitions more than offset foreign-exchange headwinds. Year-over-year operating income improved in North America, South America, and Asia Pacific.
“Our growth strategy continues to drive robust results, and we remain confident in our 2015 outlook. Volume growth, disciplined cost management, and improved mix are expected to continue in the fourth quarter. Our Kerr acquisition, which broadens our wholesome and clean label ingredient portfolio, was finalized in August, and the Penford integration remains on track for at least $20 million in annualized cost synergies. We continue to take actions to optimize our cost structure for the future.”
For the full year, Ingredion is forecasting earnings per share of $5.75 to $5.90, versus $5.60 to $5.90 as its most recent forecast and compared with actual earnings of $5.20 per share in 2014.
Operating income of the North America business of Ingredion totaled $133 million in the third quarter, up 18% from $113.1 million in the third quarter of 2014. Sales were $880 million, up 9%.In the nine months ended Sept. 30, Ingredion net income was $298.2 million, or $4.17 per share, up 1% from $293.8 million, or $3.89 per share. Net sales in the first nine months of the year were $4,215.8 million, down 2%, from $4,300.1 million.