October 31, 2007

Corn Products International reports 35 percent increase in diluted earnings for 3Q

Corn Products International, Inc. , a leading global provider of agriculturally derived ingredients for diversified markets, today reported quarterly diluted earnings per share of $0.66 for the third quarter ended September 30, 2007, a 35 percent increase compared with diluted earnings per share of US$0.49 a year ago. The third quarter of 2007 includes a 5-cent gain from the Company's holdings in CME Group Inc. Net income of US$51 million in the third quarter of 2007 improved 38 percent versus US$37 million last year.

Net sales of US$877 million in the third quarter of 2007, a record quarterly level, improved 30 percent versus $674 million in the prior-year period. The higher net sales resulted predominantly from improved price/product mix, along with favourable foreign currency translations and slightly higher volumes. The acquisitions of SPI Polyols, Getec and DEMSA contributed approximately $29 million of net sales in the third quarter.

Gross profit of US$142 million in the third quarter of 2007 has increased 26 percent versus US$112 million a year ago. The improvement was driven by significantly higher North and South American results, partially offset by lower Asia/Africa profitability. The improvements in North and South America were predominantly from higher pricing. Corn costs increased significantly, while energy costs rose slightly. Gross margins of 16.2 percent compared with 16.6 percent last year.

The increase in other income reflected a pretax gain of US$6 million, or US$4 million after tax, associated with the Company's investment in the Chicago Board of Trade Holdings, Inc. upon its July 2007 merger with Chicago Mercantile Exchange Holdings Inc., which created CME Group Inc.

Operating income of US$88 million in the third quarter of 2007 grew 36 percent versus US$65 million last year. Operating margins improved to 10.0 percent from 9.6 percent in 2006.

Higher net financing costs in the third quarter of 2007 versus 2006 were due primarily to lower capitalized interest, higher interest expense and increased foreign currency losses, which more than offset an increase in interest income from a higher cash position. The third-quarter effective tax rate of 33.1 percent compared favourably with 34.5 percent in 2006.

"Our third-quarter results, excluding the 5-cent gain from our CME Group shares, exceeded our expectations, driven by better-than-expected performances from our North and South America regions," said Sam Scott, chairman, president and chief executive officer of Corn Products International. "This performance keeps us on course to deliver another record year in 2007 with expectations that our full-year EPS will be in the upper range of our guidance of US$2.35 to US$2.55."

Corn Products International is one of the world's largest corn refiners and a major supplier of high-quality food ingredients and industrial products derived from the wet milling and processing of corn and other starch-based materials. The company is based in Westchester, Illinois and also one of the world's major producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. In 2006, Corn Products International reported record net sales and diluted earnings per share of US$2.62 billion and US$1.63, respectively, with operations in 15 countries at 35 plants, including wholly owned businesses, affiliates and alliances.