Cargill, third-quarter profit rise thanks to cost efficiencies
Net earnings were $566 million (+14%), revenues decreased 4% to $26.9 billion
Cargill today reported results for the fiscal 2019 third quarter and first nine months ended Feb. 28, 2019. Key measures include net earnings on a U.S. GAAP basis for the quarter were $566 million, a 14 percent increase from $495 million in the year-ago period. For the nine-month period, net earnings declined 3 percent to $2.33 billion. Third-quarter revenues decreased 4 percent to $26.9 billion, bringing the year-to-date figure to $83.5 billion.
Revenues were affected by the outbreak of African swine fever in China as well as “unfavourable dairy economics in the US".
Cargill CEO Dave MacLennan said: “Disruptions and uncertainty in the global business environment continued to present challenges during the quarter, but our teams captured greater efficiencies across the company. We remain focused on our growth objectives. To achieve them, we are innovating what matters for our customers so they can win with consumers in local markets”.
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