April 23, 2008

Corn Products International reports 29 percent leap in Q1 profits

Corn Products International Inc. said Tuesday its first quarter profit jumped 29 percent, driven by strong sales in South America.

For the quarter ended March 31, the company's net income rose to US$64.3 million, or 85 cents per share, from US$50 million, or 66 cents per share in the prior year quarter.

Analysts polled by Thomson Financial expected earnings of 71 cents per share.

Corn Products' revenue grew 22 percent to US$930.9 million from US$761.9 million in the first quarter of 2007. Analysts previously estimated revenue of US$867.9 million.

Sales in South America grew by 36 percent, while North American sales rose 15 percent. The company said sales in North America were affected by poor weather and the soft economy.

The company said that overall, customer demand fell, but the decline was offset by higher prices, changes in the mix of products sold and foreign-exchange benefits.

Company shares rose US$2.91, or 7 percent, to US$44.75 in pre-market trading. They closed at US$41.84 on Monday.