Thursday, February 17, 2011

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Corn Products Q4 beats Street; sees higher 2011 rev

  • Thursday, February 17, 2011
  • Thùy Miên
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  • * Q4 adj EPS $1.05 vs est $0.73

    * Q4 sales up 47 pct at $1.41 bln vs est $1.1 bln

    * Sees FY 2011 EPS $3.60-$3.90 vs est $3.73

    * Sees FY rev $6 bln vs est $5.73 bln (Adds details)

    Feb 17 (Reuters) - Corn Products International Inc's quarterly results beat market estimates helped by sales from its newly acquired National Starch business, and the company forecast higher 2011 revenue.

    Corn Products -- a provider of ingredients to industries including food, beverage, pharma, animal feed, corrugating, paper and textile -- expects to earn $3.60-$3.90 a share on revenue of $6 billion in 2011.

    Analysts on average were expecting it to earn $3.73 a share and revenue of $5.73 billion, according to Thomson Reuters I/B/E/S.

    October-December profit fell to $53.5 million, or 67 cents a share, from $57.4 million, or 74 cents a share, a year ago.

    Excluding items, it earned $1.05 a share, against estimates of 73 cents.

    Net sales rose by almost half to $1.41 billion, above expectation of $1.1 billion.

    In June, Corn Products said it will buy the National Starch business of Dutch paints firm AkzoNobel for $1.3 billion in cash.

    The company's shares closed at $48.60 Wednesday on the New York Stock Exchange.

    (Source: http://www.reuters.com/article/2011/02/17/cornproducts-idUSL3E7DH0UP20110217)

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