CORN PRODS INTL INC
SymbolCPO

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Corn Products International Reports 2009 Third Quarter Results of $0.70 Per Share

2009-10-27 05:30 ET - News Release

Narrows Full-Year EPS Guidance to Range of $1.80 to $2.00,
Excluding Previously Reported Impairment and Restructuring Charges


Company Website: http://cornproducts.com
WESTCHESTER, Ill. -- (Business Wire)

Corn Products International, Inc. (NYSE: CPO), a leading global provider of agriculturally derived ingredients for diversified markets, today reported net income of $53 million, or $0.70 per diluted common share, for the third quarter of 2009, versus the record-setting net income and earnings per diluted common share of $88 million and $1.15, respectively, for the same period last year.

Third-quarter 2009 results were negatively impacted by higher net corn costs, unfavorable foreign currency translations and softer volumes. The estimated change in earnings per diluted share from lower co-product prices (corn oil, feed, and meal) was a negative $0.21; lower price/margins was negative $0.11; lower other income was a negative $0.09; and weaker foreign currencies and lower volumes were a negative $0.06 and $0.04 respectively. A lower effective tax rate added $0.04, while a change in non-controlling interest and fewer shares outstanding each added $0.01.

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