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Corn Products Fourth-Quarter Profit Flat

The Associated Press

Westchester, Ill. -- Corn Products (CPO Quote), which refines corn for use in food and industrial products, said Monday its fourth-quarter profit was essentially flat on slightly higher sales.

The company also provided a 2009 profit forecast below analysts' estimates.

Earnings edged up to $46.4 million, or 61 cents per share, from $46.1 million, or 61 cents per share, a year ago.

Bunge's (BG Quote) November decision to end its acquisition bid for Corn Products hurt quarterly results by 9 cents per share. The move by Bunge came a week after Corn Products' board said it would withdraw its recommendation to be taken over by the agricultural company.

Corn Products' performance was also dragged down by softer volumes, a stronger U.S. dollar and high starch and sweetener product prices.

Analysts surveyed by Thomson Reuters predicted profit of 63 cents per share. Analysts' estimates typically exclude one-time items.

For the period ended Dec. 31, revenue rose 1% to $900 million from $894.6 million. The results missed Wall Street's estimate of $964.8 million.

North American sales increased 11% to $563 million, while South American revenue fell 11% to $246 million. Revenue from the Asia/Africa region slipped 18% to $91 million.

Full-year net income surged 35% to $267.2 million, or $3.52 per share, from $197.8 million, or $2.59 per share, in the previous year.

Annual sales grew 16% to $3.94 billion from $3.39 billion.