Cargill has posted a 65% drop in first-quarter profits as demand weakened and profits were hit by plunging earnings at majority-owned fertilizer maker Mosaic.
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Net earnings for the three months to 31 August totalled US$525m, down from $1.9bn last year, the agribusiness giant revealed.
“Cargill posted a solid quarter, notwithstanding the comparison to last year’s all-time record,” said Greg Page, Cargill chairman and CEO
“Our business unit earnings were broad based, and they were up considerably from the final two quarters of fiscal 2009. We’ve stayed focused on delivering solutions to customers, which drives the continuing investment in our people, facilities, technologies and innovation. All of this makes us optimistic about Cargill’s ability to grow and to help our customers succeed in this still-fragile world economy.”
Among Cargill’s five business segments, earnings in agriculture services and in food ingredients and applications were up from last year’s first quarter, due in part to lower raw material costs, reduced operating costs and changes to product mix.
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By GlobalDataOrigination and processing earnings were “solid”, though down from last year’s record performance.
