MINNEAPOLIS Cargill, international food production and supply company, reported net earnings of $1.03 billion in the third quarter of fiscal 2008, ended Feb. 29. That figure is up 86 percent from last year when the company reported $553 million. Earnings from the first nine months of fiscal 2008 reached $2.9 billion—a 69 percent increase from $1.71 billion during the same time last year.
Greg Page, Cargill chairman and chief executive officer, said, “Cargill posted a third consecutive strong quarter in a year in which the dimensions of change in global agriculture are striking S Prices are setting new highs and markets are extraordinarily volatile. In this environment, Cargill’s team has done an exceptional job measuring and assessing price risk, and managing the large volume of grains, oilseeds and other commodities moving through our supply chains for customers globally.”
Cargill has announced success in its diversification measures, global assets, market insight and risk management. “Our business model gives us the wherewithal to remain customer focused in a very challenging operating environment,” Page said.
Cargill reported that four out of five of its business segments saw increased earnings compared to third quarter 2007. The origination and processing segment, which sources, processes and distributes agricultural commodities and provides supply chain and risk management services to customers globally, saw the greatest earnings. The Cargill industrial segment also saw a dramatic increase. Risk management and Cargill’s financial segment experienced mixed results in the third quarter, but overall were down from the same time in 2007, the company said.