Cargill third-quarter earnings climb 49%
April 16, 2007
by FoodBusinessNews.net Staff
MINNEAPOLIS — Net earnings at Cargill for the quarter ended Feb. 28 were $553 million, up 49% from $370 million during the same quarter of the previous year.
Cargill attributed the earnings growth in part to the risk management and financial, food ingredients and applications and industrial segments, which all increased earnings during the quarter compared with the previous year.
"Cargill posted a strong third quarter, which makes fiscal 2007 our company’s sixth consecutive year of improved performance through the first nine months," said Warren Staley, chairman and chief executive officer. "The intersection we are seeing between global agriculture and energy is creating new demand as well as new challenges for all of us in agribusiness. Our team did a solid job managing the global trading, processing, distribution and risk management activities that support our customers’ solutions and supply chains. Cargill’s business and geographic diversity, including the outstanding performance of our financial businesses, has been a source of considerable strength this year."
During the first nine months of fiscal year 2007, Cargill had earnings of $1.71 billion, up 25% from $1.37 billion during the previous year.
The company is investing in emerging markets, which is evident with the recent acquisition of LNB International Feed, which manufacturers and exports animal nutrition products.