Cargill presents mixed results
2012-09-05 16:30:20
Cargill reported USD 1.17 billion in earnings in the 2012 fiscal year ended May 31, a 56% decrease from a year ago. Q4 earnings were USD 73 million, down 82% from the same period a year ago. “Performance was not up to our expectations, though with notable exceptions,” said Greg Page, Cargill Chairman and CEO. “Our 26-unit food ingredients group delivered a third consecutive year of record earnings. One-third of our businesses exceeded last year’s results, and nine achieved record profits. We invested more than USD 4 billion globally in acquisitions, new and expanded facilities, and capital improvements. He said two factors accounted for much of the change. “Cargill’s global market analysis of supply and demand and our trading expertise are long-standing strengths. Even so, we did not trade as well in this year’s markets, which were driven as much by the economic and political environment as by the fundamentals. Cyclical trends in the global soybean processing and North American beef industries also were in play, decreasing margins in parts of Cargill’s oilseed processing and beef processing operations.”