01 May 2012 21:57 [Source: ICIS news]
HOUSTON (ICIS)--US food and beverage ingredient maker Corn Products International (CPI) reported fiscal first quarter 2012 sales of $1.8bn (€1.37bn), an increase of 8% from the same period in 2011.
CPI reported first quarter 2012 adjusted earnings of $1.26/share, compared with $1.28/share a year earlier.
"CPI saw a slight decline in adjusted earnings per share in the first quarter as we lapped a very strong year-ago period which was driven by favourable input costs," said CPI chief executive Ilene Gordon.
Headquartered in Illinois, CPI produces sorbitol, high fructose corn syrup and other ingredients for the food and beverage industry.
CPI reported higher first-quarter volumes due to strong sales to soft drink and brewing industries in North America, while volumes in South America dipped due to slower economic growth.
Company performance in the Asia Pacific region were stable in the quarter, while sales fell only $4m in Europe, Middle East and Africa due to volume softness, Gordon said.
Looking ahead, Gordon said the projected large corn crop in the US this year should be beneficial to CPI as expected lower corn prices later this year will have a favourable impact on demand and volumes.
($1 = €0.76)
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