Cargill third-quarter profit rises by a third

Thu Apr 9, 2015 10:23am EDT
 
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(Reuters) - Global commodities trader Cargill Inc [CARG.UL] reported a 33 percent jump in third-quarter profit, helped by strong performance in its meat and animal nutrition business.

Cargill said it gained from higher sales in its Australian beef processing, central American poultry and U.S. pork and turkey processing businesses.

The company said slowing economic growth and excess processing capacity in countries such as China, Brazil and Indonesia weighed on earnings at its food ingredients and applications unit.

The results were also hit by a stronger dollar, Russian restrictions on wheat exports and a truckers strike in Brazil.

Privately held Cargill, along with Archer Daniels Midland ADM.N, Bunge Ltd BG.N and Louis Dreyfus Corp LOUDR.UL — known collectively as the ABCD companies — dominates the global grains trade.

Minneapolis-based Cargill reported net earnings of $425 million for the third quarter ended Feb. 28, up from $319 million a year earlier.

Revenue fell 11 percent to $28.4 billion.

(Reporting by Kanika Sikka in Bengaluru; Editing by Simon Jennings)

 
President and CEO of Cargill David MacLennan speaks during a news conference in Managua March 17, 2015.  REUTERS/Oswaldo Rivas