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WESTCHESTER, Ill. - Corn Products International Inc., which refines corn for use in food and industrial products, said Tuesday its fiscal second-quarter profit rose 35 percent, ahead of expectations.
Quarterly profit rose to $68.4 million, or 90 cents per share, from $50.6 million, or 66 cents per share last year. Results include costs of 4 cents per share, related to its acquisition by Bunge Ltd. for $4.4 billion in stock. The deal was announced in June.
Revenue rose 19 percent to $1.09 billion from $917 million last year.
Analysts polled by Thomson Financial predicted a profit of 83 cents per share on revenue of $1.01 billion.
Sales were helped by pricing and the benefit of a weaker dollar, partly offset by lower volume across all geographic regions.
The company also raised full-year guidance and Chief Executive Sam Scott said he expects a "solid second half" of the year.
Shares of Corn Products closed Monday at $46.27.
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