Earnings rolled in this morning from Corn Products International (CPO: sentiment, chart, options) , which revealed that its second-quarter net profit rose 35% to $68.4 million, or 90 cents per share, from its year-ago profit of $50.6 million, or 66 cents per share. Sales during the quarter jumped 20% to $1.03 billion. The firm cited an improved price/product mix and -- to a lesser extent -- exchange rate moves, for the strong earnings results.

Analysts polled by Thomson Financial predicted a profit of 83 cents per share on revenue of $1.01 billion.

Looking ahead, the firm forecasts 2008 earnings of $3.15 to $3.35 per share compared to its original range of $2.90 to $3.15 per share. The consensus estimate currently stands at a profit of $3.11 per share. The company affirmed guidance of $4 billion in sales, while analysts predict revenue of $3.98 billion.

For the second half of the year, earnings are expected to be between $1.40 and $1.60 per share, from $1.27 per share a year ago, the firm reported.

Chief Executive Sam Scott commented in a statement released by the company that "As noted previously, our first-half results should be stronger than our second-half performance as we anticipate higher raw material costs."

The shares of CPO are up 2.2% this morning on the positive earnings news and guidance to trade in the $47.30 region. The stock has been trapped in a sideways channel since late April, with the exception of some volatility in mid-June through late June. However, the shares quickly settled back below resistance at the $48 level. However, keep in mind that Bunge (BG: sentiment, chart, options) has offered to acquire the company. The acquisition is currently expected to close during the second half of 2008.