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National & World Ag News Headlines |
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Cargill Reports Higher Net Earnings for the Year
USAgNet - 08/11/2016
Cargill reported financial results for the fourth quarter and full fiscal year ended May 31, 2016. The company is on a transformative path to strengthen financial performance, move in step with changing consumer values, and become the most trusted source of
sustainable products and services for customers.
"We are looking ahead as we position our company for higher performance and sustained growth," said David MacLennan, Cargill's chairman and chief executive officer. "We have more work to do, but where we have already made changes we are seeing
improved results."
MacLennan cited the broad earnings improvement in food ingredients and the reshaping of the company's portfolio. "We made important changes, adding capabilities essential to our customers' success. This includes more than $3 billion in strategic acquisitions
and new or expanded facilities, as well as nearly $2.4 billion in divestitures. These moves are making us more competitive in sectors where we intend to lead."
Adjusted operating earnings in Animal Nutrition & Protein rose significantly in the fourth quarter. Full-year results edged below the prior year due to difficult market conditions globally in beef through the first three quarters, with some improvement in North
America in the fourth quarter. Elsewhere, segment performance was strong, including in global animal nutrition, turkey and value-added protein in North America, and global poultry with the exception of China.
Over the course of the fiscal year, Cargill acquired salmon nutrition leader EWOS; announced about $500 million in acquisitions and investments to grow its North American protein business; and partnered with Jollibee Foods, Asia's largest foodservice
company, to build a supply chain for specialty poultry products in the Philippines.
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