CPI Sees Sales Rise
The Westchester, Illinois-based company raised its full-year earnings per share forecast by $1.25 to $4.85-$5.15.
Corn Products -- a supplier to industries including food, beverage, pharma, animal feed, corrugating, paper and textile -- expects net sales to exceed $6 billion in 2011.
Analysts on average are expecting full-year earnings of $4.10 on revenue of $6.05 billion, according to Thomson Reuters I/B/E/S.
Corn Products said it expects 2011 capital spending of $280-$300 million.
January-March earnings per share more than tripled to $1.97, from $0.57 a share, a year ago.
Excluding items, it earned $1.28 a share.
Net sales rose 56% to $1.46 billion.
First-quarter operating income more than doubled to $227 million from $72 million.
Analysts on average had expected earnings of $0.89 a share and revenue of $1.41 billion.
From the May 2, 2011, Prepared Foods' Daily News.