Corn Products earnings up in second-quarter

by World Grain Staff
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WESTCHESTER, ILLINOIS, U.S. — Corn Products International, Inc. reported on July 28 that second-quarter net income increased to $79.3 million or $1.01 per share, from $36.8 million or 48¢ per share in the same quarter last year.

The second quarter of 2011 included 7¢ per share of acquisition integration charges and 2¢ per share of restructuring charges. The second quarter of 2010 included 23¢ per share of restructuring charges and 4¢ per share of acquisition costs.

"Corn Products delivered a very good second quarter and first half of 2011," said Ilene Gordon, chairman, president and chief executive officer. "As expected volumes were relatively stable as customers and consumers continue to deal with economic challenges in various markets. Our pricing remains strong as we manage through rising input costs. We also successfully completed a sizable maintenance project at our largest facility and continue the integration of National Starch. We remain on-plan and are managing our business through a volatile marketplace while maintaining a sharp focus on executing our strategy."

Second quarter 2011 net sales rose 58% from $1 billion to $1.58 billion. The increase is primarily attributable to higher volume of $337 million driven by sales from the National Starch acquisition. Higher price/mix contributed $205 million, and $40 million of the increase was a result of favorable foreign exchange rates.

For the year-to-date, net sales increased 57%, or $1.10 billion, from $1.94 billion to $3.04 billion. Volume represented $688 million of the change, of which approximately $701 million came from the acquired National Starch business. The remainder of the change was $356 million of price/mix and $60 million of favorable foreign exchange.
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