Corn Products profit climbs 146% in year

by Eric Schroeder
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WESTCHESTER, ILL. — Strong results across all areas of the company’s global business boosted full-year earnings at Corn Products International, Inc. Net income in the year ended Dec. 31, 2011, totaled $415.7 million, equal to $5.44 per share on the common stock, up 146% from $169.2 million, or $2.24 per share, in fiscal 2010. Net sales during fiscal 2011 totaled $6,219.4 million, up 42% from $4,366.6 million.

Corn Products said full-year results benefited from a strong fourth quarter in which net income rose to $95.1 million, or $1.25 per share, from $52 million, or 68c per share, in the same period a year ago. Net sales in the fourth quarter were $1,547.6 million, up 10% from $1,406.8 million.

“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 business 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.”

Operating income in the company’s North America segment rose 30% in fiscal 2011 to $322.2 million from $248.8 million in fiscal 2010. Driving the gain was incremental income from the acquisition of National Starch, margin improvement from pricing and cost savings. Net sales increased 38% to $3,355.9 million from $2,438.8 million.

In South America in the full year, operating income was $202.6 million, up 24% from $163.1 million in fiscal 2010. Net sales also were higher, rising 26% to $1,569.6 million from $1,240.8 million.

Operating income in Asia Pacific climbed 181% to $79.2 million from $28.2 million on a 76% gain in sales to $763.9 million from $433.5 million.

In Europe, Middle East, Africa, operating income was $83.9 million, up 126% from $37.2 million a year ago. Net sales totaled $530 million, up 109% from $253.5 million in fiscal 2010.

Corn Products said it expects earnings-per-share guidance for 2012 of between $4.84 to $5.09, net sales of about $7 billion and capital expenditures of between $275 million and $325 million.

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