Cargill Inc., one of the world's largest privately held companies, reported net income totaled $409 million for its fiscal second-quarter that ended Nov. 30, compared with $100 million a year earlier, the Star Tribune reports. Sales rose 6 percent to $35.2 billion.
The Twin Cities-based agribusiness giant credits strong grain-trading results and improved oilseed-processing margins for the earnings jump, the Wall Street Journal reports.
“Cargill posted a solid second quarter, with earnings balanced and diversified across the breadth of the company,” Greg Page, Cargill chairman and chief executive officer, said in a news release. “The steps we’ve taken over the past months to focus attention on what our customers value most, change how we work, instill more cost discipline and invest in growth are paying off in the current year. Most importantly, these changes are key to delivering sustainable growth year in and year out.”
In December 2011, Cargill announced it would cut its global workforce by 1.5 percent or roughly 2,000 jobs.