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NINE MONTHS: CARGILL'S REVENUES UNCHANGED, NET EARNINGS DOWN 21%
Source: Cargill news release

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Cargill today reported net earnings of $319 million in the fiscal 2014 third quarter ended Feb. 28, down 28 percent from $445 million in the year-ago period.

Nine-month earnings were $1.45 billion, down 21 percent from $1.83 billion a year ago. Third-quarter revenues were $32 billion, essentially even with the year-ago period; nine-month revenues totaled $98.7 billion.

"External events affected our quarterly results, even as we saw operational improvements in key businesses," said David MacLennan, Cargill's president and chief executive officer.

"Our animal protein results are much improved from last year, and, with 2012's acquisition of Provimi, our global animal nutrition operations are on a record pace for the year.

"Despite one of the worst winters on record, we reliably delivered a near-record tonnage of road salt and deicing products to our customers across North America's snow belt."

MacLennan said the company's earnings were trimmed by a trading loss related to an unprecedented price spike in U.S. power markets in late January, part of which has been recovered; the rejection of certain U.S. corn shipments to China, and weather-related disruptions to railway service in North America.

Among Cargill's four business segments, third-quarter earnings rose considerably in Animal Nutrition & Protein compared with the same period a year ago. Within the segment, global animal nutrition results were boosted by improved volumes and an effective sales mix.

Animal protein results were lifted by increased operating efficiencies and by exports in U.S. and Australian beef. Earnings strengthened in Industrial & Financial Services. Mixed but overall weaker results in energy and metals were offset by good performance in asset management and ocean transportation.


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