Tuesday, November 4, 2008

Corn Products International Raises Guidance for Year

Corn Products International (CPO) has raised its guidance for the year based on a good third quarter.

The original guidance from the company was for between $3.15 to $3.25 a share, which now has been revised upward to $3.40 to $3.60 a share. Analysts were looking for around $3.29 a share.

Profits for the quarter increased to $88.1 million, or $1.15 a share, from last year's $51.1 million, or 66 cents a share. That growth of 72 percent.

Revenue for the quarter came in at $1.16 billion, up from $938.7 million during the same period last year; a 23 percent increase.

Similar to Archer Daniels Midland (ADM), less international exposure helped them in relationship to currency exchange rates.

Later this year the company will be taken over by Bunge LTD (BG). The date has been moved back to December from November, as the economic crisis has driven the prices of the two companies down by half or more.

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