April 29, 2009

Corn Products International posted a 73-percent decline in first quarter profit, trailing market estimates by a wide margin.

The results were hurt by higher net corn costs, foreign currency translations and weaker volumes, and the company had cut its 2009 profit outlook due to lower volumes.

Chief Executive Sam Scott said lower volumes are anticipated in North America because of the economic environment and a slightly longer-than-anticipated rebound in pricing in Brazil to offset the currency and volume impact.

In the first quarter, the company posted net income of US$17 million, down from US$64 million a year ago.

Sales dropped 11 percent to US$831.1 million.