Cargill displays its transformation in Q2 numbers

 

By Jeff Gelski, MEAT+POULTRY

01.08.2020

 

MINNEAPOLIS — Several global product lines of food ingredients experienced softer results for Cargill in the second quarter of the fiscal year, but earnings companywide increased.

 

Adjusted operating earnings of $1.02 billion were up 19 percent from $853 million in the previous year’s second quarter, the Minneapolis-based company said when reporting results Jan. 7. Net earnings of $1.19 billion were up 61 percent from the previous year’s second quarter. Second-quarter revenues increased 4 percent to $29.2 billion, and six-month revenues increased 3 percent to $58.2 billion.

 

MINNEAPOLIS — Several global product lines of food ingredients experienced softer results for Cargill in the second quarter of the fiscal year, but earnings companywide increased.

 

Adjusted operating earnings of $1.02 billion were up 19 percent from $853 million in the previous year’s second quarter, the Minneapolis-based company said when reporting results Jan. 7. Net earnings of $1.19 billion were up 61 percent from the previous year’s second quarter. Second-quarter revenues increased 4 percent to $29.2 billion, and six-month revenues increased 3 percent to $58.2 billion.

 

“Our ongoing transformation, as well as recent acquisitions and expanded capabilities, are all helping us continue to raise our performance,” said David W. MacLennan, chairman and CEO of Cargill.

 

Among Cargill’s four business segments, adjusted operating earnings increased in Animal Nutrition & Protein and Industrial & Financial Services and declined in Origination & Processing and Food Ingredients & Applications.

 

Softer results in food ingredients included starches and sweeteners in Europe and Brazil and edible oils in South America. Cocoa and chocolate results were nearly even with results in the previous year’s second quarter.

 

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