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Share Name | Share Symbol | Market | Type |
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Lehman Abs WA Mut 22 | NYSE:CRG | NYSE | Ordinary Share |
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Cargill Inc. swung to a net loss in its fourth quarter as the agricultural giant grappled with economic doldrums in developing markets.
The Minneapolis-based company reported a net loss of $51 million in the quarter ended May 31, compared to a profit of $376 million for the same period a year ago, a figure that Cargill said Thursday it had revised due to currency shifts.
"The economic environment remains sluggish in many emerging markets where we have invested significantly over the past several years," Cargill's Chief Executive David MacLennan said in a statement. Revenue for the quarter fell to $28.4 billion from $36.2 billion in the prior-year period.
Cargill is one of the world's largest traders and processors of crops like corn, soybeans and wheat, as well as a top meatpacker and supplier of other products ranging from steel to road salt. The 150-year-old company also runs a financial arm and provides logistics services.
While all four of Cargill's main business segments were profitable, the loss was mainly driven by charges related to Venezuela's currency and a new corporate planning system, the company said Thursday.
Cargill's results come as some of its main agribusiness rivals have struggled with swinging commodity markets, the rising U.S. dollar and deteriorating economic conditions in countries like China and Brazil. Archer Daniels Midland Co. this week reported a 28% decline in profit for its second quarter, following steeper decreases reported last week by Bunge Ltd. and Green Plains Inc.
The U.S. dollar's rise against foreign currencies has made some U.S. agricultural commodities less competitive on world markets, while economic turbulence in major food markets has crimped some demand.
Write to Jacob Bunge at jacob.bunge@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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