Ingredion Q2 Profit Climbs, Tightens FY14 View - Quick Facts

(RTTNews) - Ingredion Inc. (INGR), a provider of ingredient solutions to diversified industries, Wednesday said second-quarter net income attributable to the company increased to $102.6 million from $95.1 million in the prior year. Earnings per share rose to $1.35 from $1.20.

On average, 8 analysts polled by Thomson Reuters expected earnings of $1.40 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales dropped 9 percent to $1.483 billion from $1.633 billion. Analysts expected revenues of $1.45 billion.

Further, annual earnings per share guidance was narrowed to $5.40 to $5.70. The previous guidance projected earnings of $5.35 to $5.75 per share in 2014. Wall Street expected full year earnings of $5.52 per share.

Additionally, the company entered into an accelerated share repurchase agreement under which it would repurchase $300 million or up to 4 million shares of its common stock.