Cargill earnings sink as U.S. drought hits meat business

Tue Apr 9, 2013 9:13am EDT
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April 9 (Reuters) - Agribusiness company Cargill Inc said on Tuesday that quarterly earnings fell 42 percent as a U.S. drought pressured its meat processing operations.

Minneapolis-based Cargill, one of the world's largest privately held corporations, reported net earnings of $445 million for the fiscal 2013 third quarter ended Feb. 28, versus $766 million for the same quarter a year before.

Revenue for the third quarter was up 1 percent at $32.2 billion, the company said in a statement. (Reporting By Tom Polansek; Editing by Gerald E. McCormick)