Corn Products International Inc. Earnings: Another Solid Sales Quarter
Corn Products International Inc. (NYSE:CPO) reported its results for the fourth quarter. Corn Products International, together with its subsidiaries, manufactures and sells a number of ingredients to a variety of food and industrial customers.
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Corn Products International Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for the processed and packaged goods company rose to $95.1 million ($1.22 per share) vs. $51.8 million (67 cents per share) in the same quarter a year earlier. This marks a rise of 83.6% from the year earlier quarter.
Revenue: Rose 10% to $1.55 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: Corn Products International Inc. reported adjusted net income of $1.11 per share. By that measure, the company fell in line with the mean estimate of $1.11 per share. It fell short of the average revenue estimate of $1.63 billion.
Quoting Management: “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,” Gordon added.
The company has now seen net income rise in three straight quarters. In the third quarter, net income rose more than twofold and in the second quarter, the figure rose more than twofold.
The company fell in line with estimates last quarter after beating forecasts in the previous quarter with net income of $1.20 versus a mean estimate of net income of $1.10 per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the first quarter of the next fiscal year is $1.20 per share, down from $1.31 ninety days ago. Over the past sixty days, the average estimate for the fiscal year has reached $4.69 abs per share, a decline from $4.70.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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