Cargill records big Q1 earnings rise

By Carina Perkins

- Last updated on GMT

Related tags: Revenue, Generally accepted accounting principles, Cargill

US meat giant Cargill is showing signs of recovery from last year’s profit plunge, with first-quarter earnings up significantly year-on-year.

The company reported net earnings of $975m in the fiscal 2013 first quarter ended 31 August, up from $236m in the first quarter last year. Revenues fell slightly to $33.8bn, down from $34.6bn in Q1 2012.

Cargill’s chairman Greg Page said that all five business segments had returned improved profits, with no one sector showing significant losses. He put the improved performance down to investments of $8.1bn over the past two years, which had allowed the company to increase its reach in the global food market.

However, he warned that the drought in the US and the Black Sea region was still posing a threat to the global meat industry.

“Now, more than ever, Cargill is using our knowledge and market insight to help customers manage in this time of tighter supplies, higher prices and more volatile markets,”​ he said.

Related topics: Meat

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