Cargill second-quarter profit quadruples to $409M

Author:
Updated:
Original:

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.

Next Up

Related

Cargill fiscal 4th quarter net slides 82%

Cargill Inc. reported an 82 percent slide in its fiscal fourth-quarter profit, citing tough trading conditions in beef and soybean processing and an economic and political environment that the agribusiness group has said distorts the pricing of risk, Dow Jones reports.

Cargill profits drop 88 percent

The food giant's second-quarter profits are down 88 percent from a year ago even as sales increased 17 percent. The company's CEO pegged the disappointing results on its weak meat business and a poor sugar market, as well as political uncertainties.