Tuesday, July 27, 2010

Corn Products International (NYSE:CPO) Beats Estimates, Raises Guidance

Corn Products International (NYSE:CPO) is among a large number of companies posting earnings today, and the company has reason to celebrate, as they exceeded expectations while raising earnings guidance for the full year.

Earnings in the second quarter rose to 75 cents a share, far above the 60 cent average analysts were looking for, on net income of $36.8 million. That compares to losses last year of $84.8 million, on sales of $1.07 billion.

Guidance for the full year was raised from a range of $2.25 to $2.60 a share, to $2.55 to 2.75 a share. Expectations were at $2.57 a share for the year.

Earnings for the second half the year are projected to be from $1.17 a share to $1.37 a share.

The company said all regions experienced double-digit growth in the quarter.

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