Third Quarter Profits of Cargill Up, Faces Tough Market Conditions
Cargill, Inc., remains focused on creating a more streamlined organization. The adjusted operating earnings increased 13% in the third quarter ended Feb 29, rising to $476 million from $421 million a year ago. The net earnings totalled $459 million, up from $425 million. However, revenues fell 11% to $25.2 billion reflecting lower commodity prices, the strength of the US dollar against other currencies, and the sale of Cargill’s pork business in the second quarter. For the nine-month period ended Feb 29, adjusted operating earnings decreased 2% to $1.66 billion, while net earnings on a US GAAP basis equalled $2.36 billion, up from $1.63 billion.