Net earnings on a U.S. GAAP basis were US$915 million in the quarter, representing a 10% decrease from US$1.02 billion in 2018, while first-quarter revenues rose 1% to US$29 billion. Cargill said adjusted operating earnings rose in two of its four business segments; Animal Nutrition & Protein, and Industrial & Financial Services. Global protein is said to have led the way, with strong results in North America “as the business brought innovative solutions to customers to help them meet strong consumer demand for beef and eggs”. Protein in Europe and Asia increased due to good poultry performance in China, Thailand and the UK. Similarly, protein in Latin America is said to have improved despite a difficult operating environment.

“Our year started on a good note as we continued to help our customers navigate an unpredictable business environment”, said Dave MacLennan, Chairman and CEO, Cargill. “Right now, we are focussed on modernising all aspects of our operations so we can effectively and efficiently provide our customers with solutions they value everywhere they do business”.