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National & World Ag News Headlines |
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Cargill Reports Higher Quarterly Revenues
USAgNet - 03/30/2017
Cargill reported financial results for its latest fiscal quarter and nine months ended February 28.
Adjusted operating earnings were $715 million in the third quarter, up 50 percent from $476 million in the year-ago period. Nine-month earnings totaled $2.58 billion, a 55 percent increase over last year's $1.66 billion.
Net earnings for the quarter on a U.S. GAAP basis were $650 million, up 42 percent from last year's $459 million. Nine-month net earnings were $2.49 billion, a 5 percent increase year-on-year. In the prior-year period, Cargill realized large gains from
business divestitures, which are excluded from adjusted operating earnings.
Revenues for the past three months rose 8 percent to $27.3 billion, for year-to-date revenues of $81.4 billion.
"We had strong results this quarter across our segments, evidence that we are on the right path forward," said David MacLennan, Cargill's chairman and chief executive officer.
He cited gains in food ingredients, animal protein and industrials, as well as the progress of teams around the company to bring customers the full benefits of what Cargill has to offer.
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