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Corn Products International Inc. reported first-quarter earnings that more than doubled, citing an increase in international sales and currency translation effects. The Westchester-based company beat Wall Street expectations by 7 cents.
The corn processor earned $44 million attributable to shareholders, or 57 cents per diluted share, in the quarter ended March 31, compared with $17 million, or 22 cents per diluted share, in the year-earlier period.
Sales increased 13 percent to $937.2 million from $831.1 million, led by a 69 percent increase in international sales, excluding sales in Canada and Mexico, which are grouped in North American sales.
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