US food ingredients company Corn Products International has reported “significantly improved” results for the third quarter of 2004.
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The company reported net income of US$24m, or 64 cents per share, for the third quarter to 30 September, compared to $20m, or 55 cents per share, in the year-ago quarter.
Net sales increased to $587m from $541m a year earlier, while operating income was $46m, up from $45m in the year-ago period.
“I am pleased to report that our company’s results continued to improve during the third quarter and are in line with our 2004 targets,” said Sam Scott, chairman, president and chief executive officer of Corn Products International.
“Our forecast of accelerated earnings growth during the first half of 2004, followed by a good but less robust second half, is proving to be correct, as projected higher raw material and energy costs affected results in the third quarter,” he added.
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By GlobalDataCorn Products International is one of the world’s largest corn refiners and also supplies food ingredients and industrial products derived from the wet milling and processing of corn and other starch-based materials. The company is the world’s biggest producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose.
