WESTCHESTER, ILLINOIS, U.S. — Corn Products International, Inc. reported on Feb. 9 adjusted earnings per share for the year of $4.68, an increase of 44% from the $3.24 reported at the same time last year.

Fourth quarter adjusted earnings per share increased 6% from $1.05 a year ago to $1.11.

The company reported net income of $415.7 million attributed to the company for the year, compared to $169.2 million for 2010. Net income for the fourth quarter was $95.1 million compared to $52 million at the same time a year ago.

"Corn Products delivered another very good quarter and closed out an outstanding year," said Ilene Gordon, chairman, president and chief executive officer. "Through challenging economic and weather conditions around the world, our businesses executed against plan, driving meaningful growth while investing for the future. At the same time, we continued the successful integration of the National Starch acquisition.

"As we look forward to 2012, we believe that we are well positioned to deliver further top and bottom line growth while building on our strong geographic positions and expanding our product portfolio of starch and sweetener ingredients.”

Full year 2011 diluted EPS rose 142% to $5.32 from $2.20 in the year-ago period.  Full year 2011 EPS included a 23¢ one-time non-cash post-retirement plan benefit, 26¢ of business integration costs, 8¢ of restructuring charges, and a 75¢ gain as a result of a payment from the government of Mexico pursuant to a settlement in the company's favor regarding a North American Free Trade Agreement (NAFTA) dispute. 

Full year 2010 included 34¢ of acquisition costs, 29¢ of restructuring charges, 23¢ per share charge related to the fair value mark-up of acquired inventory, and $0.18 of bridge loan fees and acquisition-related financing costs. Excluding these items, adjusted EPS rose 44% from $3.24 in the year-ago period to $4.68 in 2011.

Fourth quarter diluted EPS rose 82% to $1.22 compared to $0.67 last year.  The fourth quarter of 2011 included a 23¢ one-time non-cash post-retirement plan benefit, partially offset by 9¢ of business integration costs and 3¢ of restructuring charges. The fourth quarter of 2010 included a 23¢ per share charge related to the fair value mark-up of acquired inventory and 15¢ of acquisition costs.  Excluding these items, adjusted EPS rose 6% from $1.05 to $1.11 in the quarter.

For the full year 2011, cash flow from operations was approximately $300 million compared to $394 million in the year-ago period. The decrease primarily reflects higher costs of raw materials and increased inventory and accounts receivable levels related to sales growth.

During 2011, the company repurchased approximately one million shares of its common stock at an average price of $45.13 per share. Capital expenditures, net of disposals, were approximately $260 million in 2011 compared to $156 million in 2010.