Cargill Inc. on Thursday reported a 13 percent drop in quarterly earnings, citing lower prices and weaker demand.
Profit for Cargill’s second quarter, which ended November 30, 2015, were $574 million, down from $657 million a year earlier. Revenue was down 10 percent to $27.3 billion, and net earnings were $1.39 billion, up from $784 million a year ago.
“Cargill posted a solid second quarter against a strong comparative period in the prior fiscal year,” said David MacLennan, Cargill’s chairman and CEO. “Within the segments, we saw performance gains in key global businesses, including animal nutrition, grain and oilseed processing, most of our poultry operations, and several food ingredients categories.”
In 2015, Cargill completed several acquisitions and expansions, including:
- Acquisition of EWOS, a global leader in salmon nutrition, for EUR1.35 billion (US$1.52 billion).
- Acquisition of Zamanita Ltd., the soybean crushing and oil refining subsidiary of Zambeef.
- Expanding its Global Animal Nutrition Innovation Center in Velddriel, The Netherlands, in January.
- Expanding its animal feed facility in Tehuacán, Puebla, Mexico, in February.
- Opening a new $29 million feed mill in Hedrick, Iowa, in May.
- Acquiring a majority stake in Ekol Gida, a leading company operating in premix and feed additives markets in Turkey.
- Opening an aquatic feed mill in Fugang Industrial Park of Yangjiang Hi-tech Zone in China.
- Forming a joint venture with Naturisa to build a $30 million shrimp feed facility near Guayaquil, Ecuador, in July.
- Investing $200 million for feed manufacturing and chicken-growing operations in the Philippines.
- Opening a new HatchBrood facility in China.
- Opening Agri Purina’s feed mill plant in Pyeongtaek, Korea.
Cargill reports lower quarterly operating earnings, revenue
CHICAGO Global commodities trader Cargill Inc on Thursday reported a 13 percent drop in quarterly earnings before special items, citing lower prices and weaker demand in some markets. The privately held Minnesota-based company said the profit for the second quarter ended Nov. 30 fell to $574 million from $657 million a year earlier.
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