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2014-04-30

Ingredion Incorporated: INGREDION INCORPORATED REPORTS FIRST QUARTER 2014 RESULTS

* First quarter 2014 reported EPS fell 32 percent to $0.96 from $1.41 in the
first quarter 2013
* Company maintains full year earnings per share guidance of $5.35 to $5.75
in spite of higher-than-expected weather-related costs and increased
anticipated negative impact from foreign exchange rates
* Company continues to expect operating income to increase in all four
regions for the full year

WESTCHESTER, Ill., April 30, 2014 - Ingredion Incorporated (NYSE: INGR), a
leading global provider of ingredient solutions to diversified industries,
today reported results for the first quarter 2014.

"As we expected and communicated in our outlook, the first quarter was down
sharply compared to the year ago period," said Ilene Gordon, chairman,
president and chief executive officer. "As expected, Argentina was down
significantly as we begin to lap the economic and political issues that have
led to a severe cost squeeze. In North America, the impact of extreme winter
weather conditions on operating, energy and transportation costs persisted
throughout the quarter and resulted in worse-than-anticipated operating
income. Also as forecast, the layout of our corn costs for our fixed price
contracts resulted in year-over-year unfavorability.

"Also in-line with our expectations for the quarter, volumes were positive in
South America, Asia Pacific and EMEA. At the same time, operating income was
up in Asia Pacific and EMEA while South America showed continued
year-over-year sequential improvement.

"Our operating plan anticipated this slow start to the year and we expect
year-over-year results to improve in each quarter as the year unfolds. As
such, we are maintaining our full year EPS and operating income guidance,"
Gordon added.

Estimated factors affecting change in earnings per share (EPS)

-----------------------------------
| 1Q14 |
|Margin (0.39) |
|Volume 0.02 |
|Foreign exchange (0.11) |
|Other income - |
|Total operating items (0.48) |
| |
|Financing costs - |
|Shares outstanding 0.04 |
|Tax rate 0.01 |
|Non-controlling interest (0.02) |
|Total non-operating items 0.03 |
|Total items affecting EPS (0.45) |
-----------------------------------
Financial Highlights

* At March 31, 2014, total debt and cash and cash equivalents were $1.78
billion and $560 million, respectively, versus $1.81 billion and $574
million, respectively, at December 31, 2013.
* During the first quarter of 2014, net financing costs were $17 million,
flat with the year-ago period.
* The first quarter effective tax rate was 28.8 percent compared to 29.2
percent in the year-ago period.
* In the first quarter 2014, cash flow provided by operations was $121
million, compared to $30 million of cash used in operations in the first
quarter 2013.
* Capital expenditures, net of disposals, were $59 million in the first
quarter 2014 and $66 million in the year-ago period.

Business Review

Total Ingredion

----------------------------------------------------------------------------------
|$ in millions 2013 Net sales FX Impact Volume Price/mix 2014 Net sales % change |
|First quarter 1,584 -92 2 -137 1,357 -14% |
----------------------------------------------------------------------------------
First quarter 2014

* Sales were down 14 percent as a result of currency devaluations and
negative price/mix which was a result of lower raw material costs partially
offset by a slight increase in volume.
* Operating income was $122 million, a 30 percent decrease compared to $175
million in the first quarter of 2013. The decline was primarily due to soft
results in North America caused by costs associated with extreme weather
and the layout of fixed price contract corn hedges, and continued weakness
in Argentina. Strength in Asia Pacific and EMEA helped partially offset the
decline.

North America

----------------------------------------------------------------------------------
|$ in millions 2013 Net sales FX Impact Volume Price/mix 2014 Net sales % change |
|First quarter 910 -10 -18 -145 737 -19% |
----------------------------------------------------------------------------------
First quarter 2014

* Sales declined 19 percent as a result of unfavorable price/mix due to lower
raw material costs, negative volume and currency headwinds. The significant
decline in price is a result of the pass-through of lower corn costs.
* Operating income of $65 million was down 39 percent from a record first
quarter in 2013 of $108 million primarily due to costs associated with
extreme weather and the year-over-year variance in corn hedges. The
weather-related costs represented about half of the decline.

South America

----------------------------------------------------------------------------------
|$ in millions 2013 Net sales FX Impact Volume Price/mix 2014 Net sales % change |
|First quarter 349 -71 13 3 294 -16% |
----------------------------------------------------------------------------------
First quarter 2014

* Sales were down largely due to currency devaluations in Brazil and
Argentina partially offset by increased volume in Brazil and Colombia as
well as favorable price/mix in the region.
* Operating income in the quarter was $30 million, down 31 percent, or $13
million primarily as a result of higher input costs and currency
devaluations that could not be immediately passed through during the
quarter. Over 90 percent of the decline was attributable to Argentina.

Asia Pacific

----------------------------------------------------------------------------------
|$ in millions 2013 Net sales FX Impact Volume Price/mix 2014 Net sales % change |
|First quarter 196 -10 4 -5 185 -5% |
----------------------------------------------------------------------------------
First quarter 2014

* Sales decreased 5 percent as a result of foreign exchange headwinds and
unfavorable price/mix partially offset by positive volume.
* Operating income rose 12 percent from $23 million to $26 million. The
results were particularly good in China, South Korea and Thailand.

Europe, Middle East, Africa (EMEA)

----------------------------------------------------------------------------------
|$ in millions 2013 Net sales FX Impact Volume Price/mix 2014 Net sales % change |
|First quarter 130 -1 3 9 141 +9% |
----------------------------------------------------------------------------------
First quarter 2014

* Sales rose by 9 percent due to price/mix improvement and volume growth
partially offset by slight currency devaluations.
* Operating income was $21 million, an increase of 9 percent, largely due to
favorable price/mix and volume growth.

2014 Guidance
2014 EPS is expected to be in a range of $5.35 to $5.75 compared to $5.05 in
2013. The guidance anticipates ongoing cost pressures in Argentina; a
challenging environment as sugar prices remain low; an increase in expected
negative impact from foreign exchange rates from $0.20 to $0.25 to $0.30 to
$0.35; and, an effective tax rate of 27 - 28 percent. All four regions are
expected to deliver increased operating income. However, as a result of
lower input costs, sales are expected to drop significantly for the total
Company.

Cash generated by operations is expected to be approximately $700 - 750
million in 2014.

Capital expenditures in 2014 are anticipated to be approximately $300 million.
These investments will support growth and cost reduction actions across the
organization.

Conference Call and Webcast
Ingredion will conduct a conference call today at 9:00 a.m. Eastern Time (8:00
a.m. Central Time) to be hosted by Ilene Gordon, chairman, president and
chief executive officer, and Jack Fortnum, chief financial officer.

The call will be broadcast in a real-time webcast. The broadcast will consist
of the call and a visual presentation accessible through the Ingredion web
site atwww.ingredion.com. The presentation will be available to download
approximately 60 minutes prior to the start of the call. A replay of the
webcast will be available atwww.ingredion.com.

ABOUT THE COMPANY
Ingredion Incorporated (NYSE:INGR) is a leading global ingredients solutions
provider specializing in nature-based sweeteners, starches and nutrition
ingredients. With customers in more than 40 countries, Ingredion serves
approximately 60 diverse sectors in food, beverage, brewing, pharmaceuticals
and other industries. For more information, visitwww.ingredion.com.

Forward-Looking Statements
This news release contains or may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The Company
intends these forward-looking statements to be covered by the safe harbor
provisions for such statements.

Forward-looking statements include, among other things, any statements
regarding the Company's prospects or future financial condition, earnings,
revenues, tax rates, capital expenditures, expenses or other financial items,
any statements concerning the Company's prospects or future operations,
including management's plans or strategies and objectives therefor and any
assumptions, expectations or beliefs underlying the foregoing.

These statements can sometimes be identified by the use of forward looking
words such as "may," "will," "should," "anticipate," "believe," "plan,"
"project," "estimate," "expect," "intend," "continue," "pro forma,"
"forecast," "outlook" or other similar expressions or the negative thereof.
All statements other than statements of historical facts in this release or
referred to in this release are "forward-looking statements."

These statements are based on current expectations, but are subject to certain
inherent risks and uncertainties, many of which are difficult to predict and
are beyond our control. Although we believe our expectations reflected in
these forward-looking statements are based on reasonable assumptions,
stockholders are cautioned that no assurance can be given that our
expectations will prove correct.

Actual results and developments may differ materially from the expectations
expressed in or implied by these statements, based on various factors,
including the effects of global economic conditions, including, particularly,

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