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Share Name | Share Symbol | Market | Type |
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Lehman Abs WA Mut 22 | NYSE:CRG | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
By Angela Chen
Cargill Inc. said Thursday that revenue fell 11% in the February quarter because of slowing growth in the food market and the impact of the stronger dollar.
However, earnings for the agricultural conglomerate grew 33% for the fiscal third quarter, helped in part by strength in the meat segment.
Cargill Chief Executive David MacLennan added the company saw a rebound in its energy business because of strategic changes the year before.
Cargill, which had $134.9 billion in sales in the last fiscal year, has struggled to navigate volatile energy and currency markets, as well as slow crop sales among farmers dissatisfied with lower grain prices. The suburban Minneapolis company--among the world's largest closely held companies--said earnings rose 33% to $425 million even as revenue slipped to $28.4 billion.
Cargill doesn't disclose financial performance of its various business units.
Earnings for its animal feed and meat businesses improved, mostly because of growth in Australian beef processing, Central American poultry and U.S. pork and turkey processing.
But the food ingredients segment was hurt by currency headwinds as well as extra processing capacity in developing markets. In the processing segment, strong performance in North America, as well as a weak quarter the year before, helped earnings rise.
Cargill's earnings fell in its financial services segment because of decreased results in asset management.
Write to Angela Chen at angela.chen@dowjones.com
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