Cargill posts substantial increase in quarterly earnings
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MINNEAPOLIS, Aug. 7, 2013 - Agribusiness giant Cargill reported today a large jump in net earnings of $483 million in the fourth quarter of FY 2013, up from $73 million in the same period a year ago.
The company reported fourth-quarter revenues were $35.4 billion, a 4 percent increase from $34 billion in the year-ago period.
“Cargill's earnings improved significantly over the prior year,” said Greg Page, Cargill chairman and chief executive officer. “Nearly all of our business units were profitable, and more than two-thirds exceeded year-ago results. We did a better job of delivering innovations and solutions that help our customers succeed.”
For the full fiscal year, Cargill earned $2.31 billion, nearly double the $1.17 billion realized in the prior year. Revenues totaled $136.7 billion, up 2 percent from last year's $133.9 billion. Cash flow from operations was $4.18 billion, a 19 percent increase from $3.51 billion in fiscal 2012. Page said recent changes taken by the company also have made a noticeable difference. “We took action to increase our speed and agility, while holding costs in line. We invested in assets that expand Cargill's global reach and capabilities, and that support our customers as they seek to grow in new markets,” he said.
Cargill said it has currently has $2.6 billion of major agricultural, food and energy projects under construction, near completion or recently opened in 14 countries around the world. These include a poultry further-processing plant in Efremov, Russia; an integrated poultry production and processing complex in China's Anhui province; additional poultry processing capacity in Korat, Thailand; an animal nutrition facility in South Korea; a corn processing plant in Brazil's southern state of Paraná; a cocoa processing plant in Indonesia's East Java province; and, in the United States, the establishment of a biorefinery campus in Fort Dodge, Iowa, and the modernization and expansion of a multiseed processing plant in North Dakota.
“A company's progress is often measured in the financial dimension,” Page said. “At Cargill, we seek to deliver results across many dimensions. We are a company with countless opportunities to contribute to a better world, and we hold ourselves accountable to this purpose.”
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