Corn Products Q4 Sales Increase
Corn Products International has reported sales of $958.6m for the fourth quarter of fiscal 2009, an increase of 7% compared to $900m for the same quarter previous year.
The three primary contributors to changes in net sales in the fourth-quarter were a positive $60m from foreign currencies; a positive $48m from improved volumes; and a negative $49m from lower price/mix, approximately half of which was related to lower co-product selling prices.
Net income for the quarter was $56m or $0.74 per diluted share, an increase of 21% compared to $46m or $0.61 per diluted share for the prior year quarter. Operating income for the quarter was $99m, an increase of 55% compared to $63.7m for the corresponding period prior year.
For the full year 2009 annual net sales was $3.67bn, a decline of 7% compared to $3.94bn in 2008. Net income for the full year 2009 was $46.7m or $0.54 per diluted share, a decrease of 85% compared to $275.2m or $3.52 per diluted share for the prior year. Operating income for the year was $152.8m compared to $434.1m in the prior year.
Ilene Gordon, chairman, president and chief executive officer of the company, said: “On a total company basis, volumes, margins, and foreign currencies were favorable versus last year and are reflected in the 55 percent improvement in operating income and the 21 percent improvement in EPS. All three regions performed better than last year on an operating income basis.”
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