Cargill income up sharply in third quarter
April 14, 2008
by Stephanie Bloyd
MINNEAPOLIS — Cargill announced on April 14 that it had net earnings for the quarter ended Feb. 29 of $1.03 billion, up 86% from $553 million in the same period last year. Earnings in the first nine months totaled $2.9 billion, a 69% increase from $1.71 billion last year.
Cargill said increased global demand for agricultural goods contributed to strong third-quarter results.
"Demand for food in developing economies and for energy worldwide is boosting demand for agricultural goods, at the same that investment monies have streamed into commodity markets," said Greg Page, chairman and chief executive officer. "Prices are setting new highs and markets are extraordinarily volatile. In this environment, Cargill’s team has done an exceptional job measuring and assessing price risk, and managing the large volume of grains, oilseeds and other commodities moving through our supply chains for customers globally."
Four of Cargill’s five business segments increased earnings from the third quarter of the previous year. The largest earnings came from the origination and processing segment, which sources, processes and distributes agricultural commodities and provides supply chain and risk management services.