US: Cargill posts earnings surge

By: just-food.com | 14 January 2009

US food and agriculture giant Cargill yesterday (13 January) reported a 43% surge in net earnings for the first six months of its fiscal year, boosted by recent investments in the fertiliser industry.

Net earnings in the first half ended 30 November increased to US$2.68bn from $1.87bn for the comparable year-ago period, the company revealed.

Second-quarter net earnings were up 25%, rising to $1.19bn.

However, excluding gains from its investment in fertiliser group The Mosaic Company, Cargill's second-quarter results were "moderately below" the year-ago level and, in the first half, "just under" the same period a year ago.

Results declined in the group's food ingredients and applications segment, with steady or improved performance in some food ingredient and meat units offset by weaker performance elsewhere.

"Cargill performed solidly in a period like no other," said Greg Page, Cargill chairman and chief executive officer.

"The global financial system was under significant stress, energy and agricultural commodity prices fell sharply, and recessionary risks took hold in developed economies in a worsening global economic environment. Because of Cargill's focus on market fundamentals and risk management, we were able to work our way safely through exceedingly volatile conditions."

Cargill did not disclose half-year or quarterly sales figures.

Sectors: Commodities & ingredients, Meat & poultry, Seafood

Companies: Cargill