Food ingredients and animal feed group Cargill has posted a 49% rise in net earnings for the third quarter of the 2007 fiscal year.
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The company said the result – some US$553m – reflected a favourable resolution of various tax issues, in addition to increased earnings from operations. For the first three quarters of the year, earnings rose by 25% to $1.71bn.
“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 chairman and CEO Warren Staley. “Cargill’s business and geographic diversity, including the outstanding performance of our financial businesses, has been a source of considerable strength this year.”
The company reported that earnings from its management and financial, food ingredients and applications, and industrial divisions all increased in comparison with the corresponding quarter the previous year.
However, earnings from its origination and processing segment were below those of the third quarter of 2006. But the company said earnings from this division were ahead of last year for the nine months.
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By GlobalData
