Beef drives Cargill’s first quarter results

Worldwide
Published:  29 September, 2017

Cargill, one of the world's biggest agricultural commodities company, has reported adjusted operating earnings of US$888 million for the fiscal 2018 first quarter ending August 31; exceeding by 7% the US$827 million earned in last year’s comparative period. 

Net earnings on a U.S. GAAP basis were US$973 million in the quarter, up +14% from US$852 million a year ago. Revenues totalled US$27.3 billion, edging ahead of last year’s US$27.1 billion.

The Animal Nutrition & Protein segment is reported to have carried its momentum from fiscal 2017 into the new quarter, with adjusted operating earnings up significantly from last year. Protein results in North America were lifted by “brisk consumer demand for beef, strong exports and more abundant cattle supplies”, according to Minnesota-based Cargill. Global animal nutrition is said to have nearly reached last year’s quarterly results. Gains attributable to sales of value-added feed additives and premixes were offset by market pressures in aqua feeds in Europe and swine in Vietnam.

The Company’s beef operations in North America include cattle feeding business, beef processing facilities and case-ready packaging capabilities. With its locations in both the U.S. and Canada, Cargill is the second-largest fed beef processor in North America, and the largest supplier of ground beef in the world.

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