UPDATE: Corn Products Posts Upbeat Q1 Profit

Corn Products International Inc

reported a better-than-expected first-quarter profit. Corn Products' quarterly net profit dropped to $94.2 million, or $1.21 per share, from $153.6 million, or $1.97 per share, in the year-earlier period. Its net sales climbed 8% to $1.57 billion. Excluding special items, Corn Products earned $1.26 per share. Analysts were expecting earnings of $1.22 per share on revenue of $1.59 billion. Corn Products shares closed at $57.06 yesterday.