Cargill Sales Fall 10% in Latest Quarter

Agricultural conglomerate Cargill Inc. said its revenue fell 10% in its fiscal second-quarter, though the sales of its U.S. pork business and its stake in a steel venture helped drive profit higher.

The grain-and-meat giant said it saw strength in its animal nutrition, grain and oilseed and poultry businesses. But it continues to be weighed by lower commodity prices and weaker demand in some markets.

In all, Cargill posted a profit of $1.39 billion for the quarter, up from $784 million a year earlier. The sales of its U.S. pork business and the company's interest in the North Star BlueScope Steel venture boosted profit.

Adjusted operating earnings fell 13% from a year ago to $574 million.

The 150-year-old company has been shaking up its portfolio to keep up with shifting consumer tastes and to strengthen profitability.

Chief Executive David MacLennan said in a news release that the company is benefiting from its acquisitions of Archer Daniels Midland Co.'s global chocolate business and Norwegian fish-feed producer EWOS.

Write to Chelsey Dulaney at [e-mail]

(END) Dow Jones Newswires

January 07, 2016 10:05 ET (15:05 GMT)

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