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Cargill cancels earnings release due to COVID-19

Cargill has canceled its third quarter earnings release due to the new coronavirus (COVID-19) pandemic.

Cargill-Headquarters
Wolterk | Bigstock

Company will still hold a call, but will not release earnings report to focus on the pandemic

Cargill has canceled its third quarter earnings release due to the new coronavirus (COVID-19) pandemic, according to Reuters.

The company said it will still hold a call, as required, but that it will not release its March 31 public earnings report. It said it will offer “high-level guidance” on its performance from December to February and that it is likely that it will combine its third quarter results with its fourth quarter release.

Cargill said it is taking this action so that it can focus on its operations during the COVID-19 pandemic.

On its website, Cargill said disruptions to its food supply chains during the pandemic have been limited and that its employees “continue to operate safely” within its facilities.

“During this unprecedented time, we are working around the clock with farmers and our customers – the world’s food retailers and service providers – to continue feeding the world safely, responsibly and sustainably. We remain confident in the dependability of our global food system,” the company said.

“We are prioritizing our employees’ health and well-being, as they are essential in delivering the food we all need to stay healthy and nourished,” the company said. “This includes additional precautions to support staff at our production facilities, including temperature testing, cleaning and sanitizing procedures, prohibiting visitors from entering our facilities, prohibiting international travel, limiting domestic travel, adopting social distancing practices and offering shift flexibility to keep our major production facilities open.

“We are working differently, but the values that have enabled Cargill to meet previous global challenges remain unchanged. Our commitment to doing the right thing, putting people first and reaching higher will continue to guide every decision we make,” the statement said.

In January, Cargill reported that its second quarter adjusted operating earnings were $1.02 billion, up 19% from $853 million last year. For the first half of the year, this brought adjusted earnings to $1.93 billion. Second quarter revenues rose 4% to $29.2 billion. Six-month revenues totaled $58.2 billion, a 3% rise.

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