October 13, 2008
Cargill Reports First-Quarter Fiscal 2009 Earnings
Cargill today reported net earnings of $1.49 billion in the 2009 first quarter ended Aug. 31, up 62 percent from $917 million in the same period a year ago.
"Cargill realized a strong start to our new fiscal year in a continuing environment of outsized volatility in agricultural and energy markets and severe turbulence in financial markets," said Greg Page, Cargill chairman and chief executive officer. "Our team's attention to measuring and managing risk, and exercising fiscal discipline allowed the company to respond to supply-and-demand fundamentals in fast-moving markets." Page said Cargill's first-quarter results also received a substantial boost from its investment in the fertilizer industry through its holdings in The Mosaic Company.
Cargill opened several new facilities in the first quarter, including an addition to its ethanol production capacity at the Blair, Neb., corn processing complex, and a new, frozen beef patty production facility in Fresno, Calif. The company's corn wet milling plant in Cedar Rapids, Iowa, which was damaged significantly by the flooding of the Cedar River in early June, has been rebuilt, with all operations slated to be fully functional in November. The facility produces corn syrup, specialty food starches and industrial starches for customers largely in North America.
Cargill is an international provider of food, agricultural and risk management products and services. With 160,000 employees in 67 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. For more information, visit http://www.cargill.com.