Cargill net earnings increased 15 pct in 3Q 2019
Cargill reported USD 566 million of net earnings on a U.S. GAAP basis for the fiscal 2019 third quarter, representing a 14 pct increase from USD 495 million in the year-ago period. For the nine-month period, net earnings declined 3 pct to USD 2.33 billion.
The company's adjusted operating earnings were USD 604 million, up 8 pct from the USD 559 million earned last year. This brought earnings for the first nine months to USD 2.34 billion, a 2 pct decrease from the prior year.
Third-quarter revenues decreased 4 pct to USD 26.9 billion, bringing the year-to-date figure to USD 83.5 billion.
“We remain focused on our growth objectives. To achieve them, we are innovating what matters for our customers so they can win with consumers in local markets,” said Dave MacLennan, Cargill’s chairman and chief executive officer.
Animal Nutrition & Protein segment of the company was the largest contributor to adjusted operating earnings.
Earnings in Origination & Processing reflected a challenging environment with ongoing trade tensions and other supply chain disruptions. The segment’s European and South American operations both posted higher profits over the prior year, with soybean and soft seed processing leading the way in Europe, and corn and soybean origination improving in Brazil.
Earlier it was reported that over the first nine months of the test mode, Cargill and M.V. Cargo terminal in the port of Yuzhny (Odesa region, Ukraine) transshipped 1 million tons of grain.