FDBusiness.com

Earnings and Revenue Fall at Cargill

 Breaking News
  • Diageo to Acquire British Distillery Spread the loveDiageo announces it has reached agreement to acquire Herefordshire-based Chase Distillery, the owner of Chase GB Gin and the award-winning Chase Original Potato Vodka. Founded in 2008 by...
  • Tate & Lyle to Expand Tapioca Production Spread the loveTate & Lyle, a leading global provider of food and beverage ingredients and solutions, is to acquire an 85% shareholding in Chaodee Modified Starch Co, a well-established tapioca...
  • Coca-Cola European Partners to acquire Coca-Cola Amatil Spread the loveCoca-Cola European Partners, the world’s largest Coke bottler based on revenue, has agreed to acquire Coca-Cola Amatil, one of the largest bottlers and distributors of ready-to-drink beverages and...
  • Treatt Partners With Siemens to Power Digitalisation at New Global Headquarters Spread the loveTreatt, an ingredients manufacturer and solutions provider to the global flavour, fragrance and consumer goods markets, has partnered with Siemens Digital Industries (DI) to build a world class...
  • Diageo Introduces ‘Guinness 0.0’ Spread the loveDiageo has launched Guinness 0.0, a new non-alcoholic beer from the brewers at St James’s Gate in Dublin that boasts the same beautifully smooth taste, perfectly balanced flavour...

Earnings and Revenue Fall at Cargill

Earnings and Revenue Fall at Cargill
August 17
09:34 2015
Spread the love

Cargill, US-based food and agribusiness giant, has reported a 13% drop in earnings to $1.58 billion in fiscal 2015 on revenue down 11% to $120.4 billion. Cash flow from operations at $3.82 billion, was up 1% from fiscal 2014.

“While several Cargill businesses generated very strong earnings in fiscal 2015, we lagged results from the prior year and did not meet our own expectations,” says David MacLennan, president and chief executive of Cargill. “The economic environment remains sluggish in many emerging markets where we have invested significantly over the past several years. Even so, we aim for growth and profitability through these cycles. We are moving forward with good progress on changes begun last year to optimize the business portfolio, reduce costs and increase operational effectiveness.”

MacLennan notes that for Cargill, how it achieves results is paramount. “Over the 150 years that Cargill has been in business, we’ve seen big changes in the marketplace, including today’s profound rise in the importance of sustainability. Given Cargill’s broad presence in food and agriculture, we’re in a good position to drive positive change. We want to be the most trusted source of sustainable products and services in our industry.”

Animal Nutrition & Protein posted increased profits for the full fiscal year, with strong performances in global animal nutrition, Central American poultry, and US pork, turkey and egg further processing. The segment executed extremely well, drawing on its global reach, diverse products and services, and lower feed input costs. In the first quarter of fiscal 2016, Cargill agreed to sell its US-based pork business to JBS USA Pork for $1.45 billion, pending regulatory review and approval.

David MacLennan, president and chief executive of Cargill.

David MacLennan, president and chief executive of Cargill.

Full-year earnings in Origination & Processing were up slightly for the year. Recent years’ record-large crops in the Americas have seen the rebuilding of global agricultural commodity stocks, which reduced price volatility and limited market opportunities for many of the segment’s businesses.

Earnings in Food Ingredients & Applications trailed the prior-year period for the full year. Areas of continuing strong performance included Cargill’s salt operations, which met high demand for de-icing products during a harsh north-eastern winter in North America.

The Industrial & Financial Services segment posted an upturn in the fourth quarter, though not for the full year. The energy businesses, especially petroleum, performed significantly better than a year ago in both periods.

David MacLennan says that Cargill has experienced tremendous growth and success during its 150 years. “Our company has a history of rising to challenges, and we continue to do so today. We are focused on improving profitability and restoring growth, while fulfilling our commitment to helping customers thrive and feeding the world sustainably.”


Warning: count(): Parameter must be an array or an object that implements Countable in /home/fdbusiness/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements