US food and agribusiness Cargill has reported a rise in first-quarter earnings, and said its processing and food ingredients units had performed solidly.
Go deeper with GlobalData
The company reported net earnings of US$495 for the first quarter to 31 August, up 43% from the same period of the prior year. Earnings from continuing operations rose 33% to $457m.
Chairman and chief executive officer Warren Staley said it had been an “outstanding first quarter” for the company.
“Our primary processing and food ingredients segments performed solidly, though both were buffeted by price volatility in raw material and export markets,” he added.
Cargill said it had continued investing in the company’s future growth with the completion of the purchase of two cocoa processing facilities in England and Germany from Swiss food group Nestlé and an agreement to provide cocoa products to a number of Nestlé’s European confectionery businesses.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn the meat sector, Cargill acquired Caravelle Foods, a supplier of frozen beef patties to the quick-service restaurant industry in Canada. It also announced plans to purchase a majority share of Seara Alimentos, a leading Brazilian poultry and pork processor, and to make a tender offer for Seara’s remaining shares. Pending regulatory approval, Cargill expects to complete the purchase in February 2005.
