Cargill earnings up 30% in 3rd quarter

By Reuters
Posted April 13 at 10:55 a.m.

U.S. agribusiness and trading giant Cargill said on Wednesday its quarterly earnings rose 30 percent, lifted by its grain processing business.

Minneapolis-based Cargill, one of the world’s largest privately held corporations, reported $763 million in earnings from continuing operations for the quarter ended February 28, from $588 million a year earlier.

Revenue excluding its stake in fertilizer producer Mosaic rose 21 percent to $30.5 billion.

Cargill recorded $342 million attributable to its majority investment in Mosaic — which it now classifies as discontinued operations following Cargill’s move to spin off its 64 percent interest in Mosaic announced in January.

Four of the company’s five business segments increased earnings, led by its grain origination and processing division. Earnings in Cargill’s agricultural services were down from a year ago.

Cargill, which operates in 66 countries, is a leading U.S. grain exporter, biofuels producer, food processor and energy trader.

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