Corn Products Reports 3Q Earnings

WESTCHESTER, Ill.Corn Products International, Inc. reported 2010 third-quarter diluted earnings per common share (EPS) of $0.48. Excluding certain items related to the acquisition of National Starch and the shutdown of the company's Chilean plant, EPS was $0.81, a 16 percent improvement over the same period last year. Net income for the period was $37 million. The third-quarter 2010 results include after tax charges of $23.9 million, or $0.31 on an EPS basis, related to the National Starch acquisition; and an after tax charge of $1.4 million, or $0.02 on an EPS basis, for restructuring costs resulting from the shutdown of the Company's Chilean plant. The third quarter 2010 net income, excluding the after-tax impact of impairment and restructuring charges, was $62 million, an 18 percent improvement compared to $53 million in the same period last year.

"I am pleased to report a very good quarter," said Ilene Gordon, Chairman, President and Chief Executive Officer. "We saw strong volume growth across all our regions. In North America, we continued to see strong demand from the beverage industry in Mexico, as well as regional volume improvements in processed foods, corrugating and bakery. In South America, volume growth resulted from broad customer demand across multiple segments. In Asia/Africa, volume growth continued to be led by customer demand for sweeteners and starches in South Korea and Pakistan."