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Corn Products Q3 Sales Up 30%

Posted on: Wednesday, 31 October 2007, 06:00 CDT

Corn Products International, a provider of agriculturally derived ingredients for diversified markets, has reported net sales of $877 million for the third quarter of 2007, up 30% compared to $674 million in the same period of the previous year.

For the third quarter, the company reported an increase in diluted earnings per share by 35% to $0.66 compared with $0.49 a year ago. Net income was $51 million in the third quarter of 2007, up 38% versus $37 million last year.

Gross profit for the third quarter of 2007 increased by 26% to $142 million compared with $112 million a year ago. Operating income of $88 million in the third quarter of 2007 grew 36% versus $65 million last year. Operating margins improved to 10% from 9.6% in 2006.

Sam Scott, chairman, president and CEO of Corn Products International, said: "Our third-quarter results, excluding the $0.05 gain from our CME Group shares, exceeded our expectations, driven by better-than-expected performances from our North and South America regions. 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 $2.35 to $2.55."

Source: Datamonitor

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