August 20, 2008

 

Cargill net earnings climb 55 percent in fiscal 2008

 
 

Net earnings for Cargill for the fiscal year ended May 31 were US$3.64 billion, up 55 percent from the US$2.34 billion during the previous year.

 

After factoring in a US$310 million gain on the sale of discontinued operations during the fourth quarter, full-year earnings totaled US$3.95 billion.

 

Revenue for the year increased 36 percent to US$120.4 billion, while cash flow from operations rose 77 percent to US$7 billion.

 

"Cargill posted a record financial performance in a year of exceptionally strong commodity demand, market turbulence and price risk," said Greg Page, chairman and chief executive officer.

 

For the fourth quarter ended May 31, net earnings were up 18 percent to US$744 million from US$628 million during the same period of last year.

 

The improvement was led by the origination and processing segment and the industrial segment, both of which were up substantially from the same period a year ago.

 

However, earnings in agriculture services, food ingredients and applications, and risk management, were down from the same period a year ago.

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