October 20, 2004

Corn Products International 3Q Profits Up 20%

Refiner Corn Products International Inc. said third-quarter profit increased 20 percent on the year as favorable pricing helped offset higher raw material costs.

Quarterly income was $24 million, or 64 cents per share, up from $20 million or 55 cents, in the same period a year ago. Net sales hit $587 million during the quarter, up from $541 million last year.

Analysts surveyed expected earnings of 59 cents per share.

"Our forecast of accelerated earnings growth during the first half of 2004, followed by a good but less robust second half, is proving to be correct, as projected higher raw material and energy costs affected results in the third quarter," said chairman, president and chief executive Sam Scott in a statement.

Corn Products International said it expects full-year earning to show an improvement upon last year's earnings per share of $2.11 by a range of 23 to 26 percent. Its previous guidance called for an increase of 21 to 26 percent. The company is expected to post earnings per share of $2.64 for the full year.

Shares of Corn Products International increased $3.08, or 6.57 percent, to $49.98 in pre-market trade on the New York Stock Exchange.