Net earnings for the three months to February 28 totalled $495 million compared to $650 million in the same period last year. For the nine months, income fell 4% to $2.39 billion. Without the tax-related charges, third-quarter earnings were in line with last year, said the agricultural trading house. Adjusted operating profits for the third quarter fell 22% to $559 million.

Two of the company’s four main segments grew in the third quarter, led once again by Cargill’s animal feed, nutrients and beef and egg businesses, which contributed strongly to earnings. 

“Our steady results from operations demonstrate that our strategic direction is the right one,” said David MacLennan, Cargill’s chairman and chief executive officer. “The performance of our team worldwide keeps Cargill moving ahead, preparing us to continue to grow.”