Ingredion profit beats estimates

Tue Jul 31, 2012 6:53am EDT

* Q2 adj EPS $1.33 vs est $1.23

* Q2 rev up 3 pct at $1.72 bln

July 31 (Reuters) - Ingredion Inc's second-quarter profit beat analysts' estimates, helped by higher sales in North America and Asia Pacific.

The company, which makes starches, sweeteners and food ingredients, sees full-year adjusted net profit of between $5 and $5.25 per share, which represents an increase of 7 to 12 percent over its year-ago figure.

The Westchester, Illinois-based company, which was earlier known as Corn Products International Inc, expects full-year budget to be in the range of $275-$325 million.

Net profit for the quarter rose to $109.1 million, or $1.40 per share, from $79.3 million or $1.01 per share, a year earlier.

Excluding special items, the company earned $1.33 per share.

Analysts on average had expected adjusted earnings of $1.23 per share, according to Thomson Reuters I/B/E/S.

Net sales climbed 3 percent to $1.72 billion.

Sales increased 11 percent to $853 million in North America and 3 percent to $201 million in Asia Pacific.

Shares of the company closed at $50.29 on Monday on the New York Stock Exchange.

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