Corn Products International reports increase in Q1 earnings

Corn Products International Inc. reported that first-quarter earnings more than doubled on 13% higher net sales.

The profit reached US$43.4 million, or 57 cents a share, up from US$16.8 million, or 22 cents a share, in the year-earlier quarter. Net sales rose to US$937.2 million from US$831.1 million.

A survey of analysts by FactSet Research produced consensus estimates of 50 cents of profit on US$887.3 million of sales. "We are seeing a strong economic recovery in many of our international markets," chairman, president and chief executive Ilene Gordon said in a statement. Volume in North America improved in almost all product categories, led by strong demand from the beverage industry in Mexico, she said.