UPDATE 2-Corn Products ups FY EPS view, may restructure capital

* Q2 adj EPS $0.75 vs est $0.60

* Net sales up 10 pct at $1 bln

* Raises FY10 profit outlook

* Says all options open including capital restructuring

* Shares up as much as 8 percent (Recasts; adds conference call details, share movement)

July 27 (Reuters) - Corn Products International Inc's (CPO.N) quarterly profit beat estimates and raised its full-year profit outlook, but its shares pared early gains after comments on a possible capital restructure.

The company, which provides ingredients to a wide range of industries including food, beverage, pharmaceutical, animal feed, corrugating, paper and textile, now expects a full-year profit of $2.55 to $2.75 per share, compared with its earlier estimate of $2.25 to $2.60 a share.

Analysts on average were expecting a full-year net income of $2.57 a share, according to Thomson Reuters I/B/E/S.

For the second half, it sees a profit of $1.17 to $1.37 per share.

Corn Products said it has kept all options including capital restructuring open to fund its recently announced acquisition of the National Starch business of Dutch paints firm AkzoNobel (AKZO.AS) for $1.3 billion in cash. [ID:nLDE65K074]

"At this point, we're really open and obviously we've been working on the debt markets," Chief Executive Ilene Gordon said during a conference call, adding that the company will take a decision only toward the close of the deal.

The company, which has market capitalisation of $2.5 billion, expects to close the transaction near the end of the third quarter.

Corn had said it expects the deal to increase its annual sales to about $5 billion and generate cost synergies of at least $50 million.

At the end of the second quarter, the company's cash in hand had increased 82 percent to $326 million..

"And so I think given the strength of the cash flows, we could easily do this 100 percent debt if that is the appropriate thing to do," Gordon said.

"To the extent that there are growth opportunities on a global basis, we may want to give ourselves some operating flexibility by having some equity in the capital structure." Shares of the Westchester, Illinois-based company rose as much as 8 percent to $36.74 in morning trade on the New York Stock Exchange, but gave up those gains and were up 1 percent at $34.40 by midday.

VOLUMES BOOST Q2

For the latest second quarter, Corn Products' net income was $37 million, or 48 cents a share, compared with $84.8 million, or $1.13 a share, in the year-ago quarter.

Net sales rose 10 percent to $1 billion.

Excluding special items, Corn Products earned 75 cents a share for the latest second quarter.

Analysts on average had expected the agricultural processor to earn 60 cents a share, excluding items, on revenue of $980.2 million.

The company booked double-digit volume growth in all its regions.

While more-than-anticipated demand from the beverages industry in Mexico helped volume growth in North America, demand from beverages and diary products in Brazil led the South American business.

The company also improved its volumes in Asia, helped by strong demand in South Korea. (Reporting by Vinay Sarawagi in Bangalore; Editing by Gopakumar Warrier, Unnikrishnan Nair)