Beverage and confectionary companies cannot just “wake up one day and change what’s in the tank,” explained Beebe, adding that they must first make capital investments.
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.