Largest private company in the US will only share annual revenue and percent of operating cash flow that is reinvested
Cargill, the largest privately held company in the U.S., will no longer publicly issue quarterly earnings reports, starting with its latest earnings cycle, a company spokesperson told Feed Strategy.
The company said its decision does not stem from its financial performance, but was an enterprise-wide decision.
“Going forward, we will share publicly only our annual revenue and percent of operating cash flow that is reinvested back into Cargill,” the spokesperson said in an email. “This will take effect with our next earnings cycle, which will be announced July 16 and represents the end of our fiscal year.”
The spokesperson said the company will continue to share pertinent financial information with investors.
“While we are adjusting our external reporting process, we will continue to reinforce our financial strength with stakeholders, including investor and lender audiences and the customers and governments with whom we do business around the world,” the email said. “We understand they need to know they are working with a financially sound, responsible company and we will continue to share the level of financial information they need.
“Our commitment to our customers and creating organic growth is as strong as ever. We will hold ourselves accountable. We will remain transparent about what we do and how we do it, including sharing our annual report, providing regular updates on our progress against goals and targets the company sets across sustainability, investments, growth and culture and discussing market challenges and opportunities.”
In March, Cargill canceled its third quarter earnings release so it could focus on its operations during the novel coronavirus (COVID-19) pandemic. At the time, it said it would 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.
The company has experienced several COVID-19-related processing plant closures as its employees tested positive for the virus.
According to Feed Strategy’s Top Feed Companies database, Cargill produced 19.6 million metric tons of animal feed in 2018.
