Cargill earnings up 44% in second quarter

by FoodBusinessNews.net Staff
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MINNEAPOLIS — Cargill posted net earnings of $954 million for the quarter ended Nov. 30, up 44% from $662 million during the same period of the previous year.

"We are very pleased with today’s results," said Greg Page, chairman and chief executive officer. "Strong fundamentals are driving volume and volatility in global agriculture today. Cargill is in position to benefit from these forces because of our past investments, our risk management and our commitment to creating shared value with customers."

In addition, four of the company’s five business segments increased earnings from the second quarter a year ago. The largest contribution came from the origination and processing segment, and the industrial segment was also up significantly. The food ingredients and applications and agriculture services segments were also up.

For the first six months of fiscal 2008, Cargill posted earnings of $1.87 billion, up 61% from $1.16 billion during the previous year.

"Since we adopted our customer solutions strategy, we’ve acquired market-leading companies in food and animal nutrition, developed new capabilities, attracted top-notch talent in fields new to Cargill and sought to become better collaborators," Mr. Page said. "Cargill today is creating significant value for many of our food and animal nutrition customers, and we are sharing in the value created."

Mr. Page also said Cargill has invested almost $18 billion in fixed and working capital to expand the company’s global reach.

"Today we are moving bigger volumes of commodities through more facilities at higher utilization rates and over longer distances," Mr. Page said. "As we’ve grown, we’ve also strengthened our ability to measure and assess risk."

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