BRIEF-Cargill says Q1 GAAP net earnings rose 66 pct to $852 mln

Tue Oct 4, 2016 9:21am EDT
 
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Oct 4 (Reuters) - Cargill Inc

* Qtrly net earnings on a U.S. GAAP basis were $852 million, up 66 percent from $512 million a year ago

* Animal nutrition & protein segment was largest contributor to adjusted operating earnings in Q1, with results up sharply from prior year

* Q1 origination & processing earnings rose moderately from last year's Q1

* Improved earnings in starches and sweeteners, and edible oils lifted segment earnings in food ingredients & applications for quarter

* Sale will allow capital to buy and feed cattle to be redeployed in other parts of business

* Adjusted operating earnings rose 35 percent to $827 million in Q1, compared with $611 million in year-ago period

* Qtrly revenues were $27.1 billion, essentially even with last year's $27.5 billion.

* Qtrly origination & processing earnings rose moderately from last year's Q1

* Cargill is selling two cattle yards in Texas Panhandle to Amarillo-based Friona Industries

* Industrial & financial services was profitable for quarter Source text for Eikon: Further company coverage: