However, the company saw second quarter EPS (earnings per share) decline by 14% from the year-ago period. First half EPS was flat.

"After delivering very strong results on a consistent basis over many years, our second quarter was disappointing as we saw EPS fall and, as we previously announced, we brought down the outlook for our full year," said Ilene Gordon, chairman, president and chief executive officer. "The shortfall and lowered outlook is the result of a challenging macro environment, particularly in South America where Argentina has seen a sharp acceleration of economic headwinds."

“In spite of this situation, our business model continues to position us for near-in success in North America, Asia Pacific and EMEA while our South American team diligently works through the short-term issues,” she continued. “We believe our current annual EPS guidance for 2013 of $5.10 to $5.40 represents our best estimate on a variety of risk factors in our markets. Looking longer-term, our early outlook for 2014 is positive as we expect relief on raw material prices, improved volume.”

Among the risk factors identified by Ingredion are ongoing cost pressures in Argentina; volume softness and currency headwinds in Brazil and a generally soft consumer environment.