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Cargill Reports 3rd Quarter 2017 Results

  

Apr 7, 2017

    

In a press release dated March 29th, Cargill Inc. reported results for the third quarter of fiscal 2017 ended February 28, 2017. The company posted revenues of $27.3 billion up 8 percent from the corresponding third quarter in Fiscal 2016 at $25.2 billion.

Operating earnings advanced from $476 million in Q3 of Fiscal 2016 to $715 million for the most recent quarter. Net earnings for the third quarter of fiscal 2017 applying U.S. GAAP amounted to $650 million, 42% higher than $459 million in Q3 of fiscal 2016.

  

In commenting on results, David MacLennan, Chairman and CEO of Cargill, stated “We had strong results this quarter across our segments, evidence that we are on the right path forward.” He added “Gains in food ingredients, animal protein and industrials as well as progress by teams around the company to bring customers the full benefits of what Cargill has to offer were responsible for the improvements.”

Earnings in the Animal Nutrition and Protein (ANP) Segment rose “significantly.”

MacLennan noted higher consumer demand for beef in the U.S. and also food service demand for egg products following restocking of flocks depleted by the 2015 avian influenza epidemic. The company commented on competitive pressure in China and Russia and avian influenza in Korea and Japan as impacting global animal nutrition sales.

Cargill, which is a privately held company, has the ability to divert earnings from shareholder dividends to charitable ventures. The Company renewed contributions to the Feeding America program to relieve hunger. A three-year $3 million grant will provide children and families with greater access to fruits and vegetables, nutrition education and diabetes prevention.

Cargill also announced a three-year $7 million extension of its partnership with CARE, a prominent humanitarian organization fighting global poverty.

MacLennan noted “Our purpose is to nourish the world in a safe, responsible and sustainable way.” He added “We are proud of the broad and positive impact that arises from the combination of the work we do every day, our partnerships and contributions and volunteering in our communities.”