Ingredion narrows FY14 EPS to $5.40-$5.70 from $5.35-$5.75, consensus $5.52 The guidance anticipates continued cost pressures in Argentina and softness in the Brazilian economy; ongoing strong performance in Mexico; and, an effective tax rate of 27%-28%. In-line with previous guidance, operating income in Asia Pacific and EMEA is expected to be up, while North American operating income is expected to be flat to slightly up. South America is now expected to be slightly down. As a result of lower input costs, sales are expected to drop significantly for the total Company. Sees FY14 cash generated by operations $700M-$750M; Sees FY14 CapEx $300M.