Cargill has reported a 66% drop in earnings from continuing operations in its first quarter, blaming global economic uncertainty.
The US agribusiness giant yesterday (10 October) said its profits dropped to US$236m.
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Greg Page, Cargill chairman and CEO said the earnings slide is down to uncertainty in the global economy, “turbulence” in commodity markets and flooding on US waterways, but says the company is well-placed to grow thanks to a “strong” balance sheet and acquisitions made over the last year.
“It was a tough quarter. With results down from recent levels, we’re focused on regaining our earnings momentum”, he added.
However, in the three months to 31 August, revenues rose 34% to $34.6bn.
“We’re well prepared to invest and grow through innovation, our partnerships with customers and the resiliency built into our business mix,” Page said.
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By GlobalDataCargill completed several previously announced acquisitions in the first quarter of fiscal 2012. They included German cocoa and chocolate company Schwartauer Werke Kakao Verarbeitung Berlin (KVB), Central American poultry and meat processor Corporación Pipasa and Italian animal feed company Raggio di Sole Mangimi.
