Cargill Sales Fall 10% in Latest Quarter
January 07 2016 - 10:20AM
Dow Jones News
Agricultural conglomerate Cargill Inc. said its revenue fell 10%
in its fiscal second-quarter, though the sales of its U.S. pork
business and its stake in a steel venture helped drive profit
higher.
The grain-and-meat giant said it saw strength in its animal
nutrition, grain and oilseed and poultry businesses. But it
continues to be weighed by lower commodity prices and weaker demand
in some markets.
In all, Cargill posted a profit of $1.39 billion for the
quarter, up from $784 million a year earlier. The sales of its U.S.
pork business and the company's interest in the North Star
BlueScope Steel venture boosted profit.
Adjusted operating earnings fell 13% from a year ago to $574
million.
The 150-year-old company has been shaking up its portfolio to
keep up with shifting consumer tastes and to strengthen
profitability.
Chief Executive David MacLennan said in a news release that the
company is benefiting from its acquisitions of Archer Daniels
Midland Co.'s global chocolate business and Norwegian fish-feed
producer EWOS.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
January 07, 2016 10:05 ET (15:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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