Corn Products’ 2Q
Net sales for the second quarter ended June 30, 2011, were $1.58 billion, compared to $1 billion for the same quarter ended June 30, 2010.
Net income attributable to the company for the six months ended June 30, 2011, was $232.9 million, or $2.97 per diluted share, compared to $80.3 million, or $1.05 per diluted share, for the six months ended June 30, 2010.
Net sales for the six months ended June 30, 2011, were $3.04 billion, compared to $1.94 billion for the six months ended June 30, 2010.
EPS expectations for 2011 remain in a range of $4.85 to $5.15, up 120-134% compared to 2010. The guidance includes the $0.75 per share impact of the NAFTA settlement and approximately $20 million of acquisition-related benefits that are expected to be offset by about $30 million of integration costs. Net sales are expected to exceed $6 billion in 2011.
"Corn Products delivered a very good second quarter and first half of 2011," said Ilene Gordon, chairman, president and CEO. "As expected volumes were relatively stable as customers and consumers continue to deal with economic challenges in various markets. Our pricing remains strong as we manage through rising input costs. We also successfully completed a sizable maintenance project at our largest facility and continue the integration of National Starch. We remain on-plan and are managing our business through a volatile marketplace while maintaining a sharp focus on executing our strategy."
From the August 3, 2011,Prepared Foods' Daily News.
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