(CPO) Corn Products International, Inc. – 2009 consensus rose to $1.88 from $1.80 in the last 30 days

August 10th, 2009

Corn Products International, Inc. (CPO) has had a few tough quarters since I last wrote about it in December 2008.

The company, the largest producer of dextrose in the world and manufactures starches, high fructose corn syrups and glucose, reported second quarter results on July 28, however, that surprised on estimates by 9.68%.

Earnings per share were 34 cents down from 90 cents in the year ago period. The Zacks Consensus Estimate called for 31 cents.

Sales were down 11% to $912 million compared to $1.03 billion in the year ago period. The results were impacted by higher net corn costs, negative foreign currency translations and lower volumes. Net corn costs per ton rose 41% primarily due to lower corn oil prices. Helping the bottom line was the decline in energy costs, which fell 7% from a year ago.

Guidance Reaffirmed

The company is anticipating a stronger second half of 2009 due to lower corn costs. The North American volumes are expected to be weak for the rest of the year but the company anticipates volumes in the rest of the world picking up.

It reaffirmed earnings per share in the range of $1.70 to $2.10.

The 2009 Zacks Consensus Estimate rose to $1.88 from $1.80 in the last 30 days.

Value Fundamentals

Corn Products was a Zacks #1 Rank (strong buy) when I last reviewed it on Dec 15, 2008 and is now a Zacks #2 Rank (buy) stock. The company is trading with a forward P/E of 14.57. It has a price-to-book of 1.45. Corn Products also has a solid 1-year return on equity (ROE) of 12.27%.

Zacks Investment Research
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Read more on Corn Products International, Corn, Abc Communications at Wikinvest

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