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Cargill reports boost in annual earnings after solid 4th quarter

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Twin Cities-based Cargill reported earnings of $483 million for the fourth quarter that ended May 31, up from $73 million last year.

The major increase capped annual earnings at $2.31 billion for fiscal 2013, nearly double what was earned a year ago.

Nearly all of Cargill's business units were profitable, however, the company said processing, food ingredients, and agriculture services segments were three of the biggest contributors to the company’s successful year and quarter.

The company is rebounding from a disappointing 2012 fiscal year partly due to the devastating drought in the U.S. Last year, the company's earnings were down 56 percent from a record-high $2.69 billion in fiscal 2011, Twin Cities Business reports.

Cargill, one of the world's largest privately held corporations, also saw a 2 percent increase in annual revenues.

According to Reuters, if Cargill was a publicly held company, their $136.7 billion in annual revenue would place the company at No. 10 on the Fortune 500 list between Valero Energy and Ford Motor Co.

The strong results sharply contrast with commodity trading rivals Archer Daniels Midland and Bunge, both of which watched quarterly earnings fall due to tight grain and oilseed supplies, the Wall Street Journal noted.

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