Corn Products International posts higher Q2 profit

By Reuters
Posted July 27, 2010 at 5:59 a.m.

Corn Products International Inc. posted a higher-than-expected quarterly profit, helped by strong volume growth, and raised its 2010 profit outlook.

The company expects a full-year profit of $2.55 to $2.75 per share, compared with its earlier estimate of $2.25 to $2.60 a share.

For the second half, it sees a profit of $1.17 to $1.37 per share.

Analysts on average were expecting a full-year net income of $2.57 a share, according to Thomson Reuters I/B/E/S.

For the latest second quarter, the company’s net income was $37 million, or 48 cents a share, compared with $84.8 million, or $1.13 a share, in the year-ago quarter.

Net sales rose 10 percent to $1 billion, helped mainly by higher volumes from South America.

Shares of the Westchester, Ill.-based company closed at $34.14 on Monday on the New York Stock Exchange.

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