Corn Products International expects first-quarter diluted earnings per share (EPS) to decline 35 percent to 40 percent from the first quarter of 2004…
…due primarily to a combination of three factors that affected the US and Canadian portions of its North America region:
— Net corn costs for the quarter were significantly higher than last year’s first quarter, driven by lower co-product values and the timing of corn purchases for contracted business.
— Energy and freight costs were higher compared to the first quarter of 2004; and
— Manufacturing expense problems during the quarter.
Commenting on first quarter results, Sam Scott, chairman, president and chief executive officer of Corn Products International, said: “We are comparing US and Canadian first-quarter 2005 results to a very strong first quarter of 2004, which included the lowest corn costs for all of last year. However, in addition to the expected increase in net corn and energy costs, the unanticipated manufacturing and freight expense issues contributed to results that were lower than our expectations. Mexico and our other two regions, South America and Asia/Africa, got off to a good start in 2005.”
Corn Products International plans to provide guidance for the full year when it releases its first quarter earnings on April 19, 2005.
Murdok | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.
