April 21, 2005

Corn Products International's Q1 results

Corn refiner Corn Products International's first-quarter earnings fell 36 percent, due to higher corn and energy costs in North America.

First-quarter earnings were US$16.5 million, from US$25.7 million last year. Revenue rose 3 percent to US$566.5 million from US$550.4 million.

North American operating income fell 88 percent to US$2.9 million, although volume rose 5 percent and sales rose 1 percent to US$343.6 million.

South American sales rose 3 percent to US$140.6 million and operating income rose 15 percent to US$26.9 million. Volume fell 2 percent on poor results in the Andean region.

Asia/Africa sales rose 9 percent for the quarter to US$82.3 million, though volume fell 8 percent and operating income declined 19 percent to US$13.5 million, hurt by higher raw materials cost.

Corn Products expects results for the rest of the year to improve, especially in North America, with lower corn and manufacturing costs.