Ingredion Inc. Q3 Profit Down; CFO To Retire

(RTTNews) - Ingredion Incorporated (INGR), Wednesday reported a decline in its third-quarter earnings as revenue decreased. The company also announced the retirement of its Chief Financial Officer and Executive Vice President.

Net income attributable to Ingredion was $86.3 million or $1.10 per share, compared with $112.7 million or $1.45 per share last year. Excluding special items, earnings were $1.10 per share for the quarter.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings per share of $1.26for the quarter. Analysts' estimates typically exclude one-time items.

Net sales decreased 4 percent to $1.61 billion, from prior year's $1.67 billion. Analysts expected the company to generate revenues of $1.64 billion.

Separately, the company said that its CFO and Executive Vice President Cheryl Beebe has decided to retire due to family health issues, with effect from January 6, 2014. The company added that James Zallie, currently President Asia Pacific and EMEA, will succeed Fortnum as President, North America.