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News 171 views last update:6 Aug 2012

Increased quarterly earnings for Cargill

US agribusiness company Cargill Inc posted a sharply higher quarterly profit on Tuesday, driven by increased earnings from operations and a decline in income tax-related expenses.

Minneapolis-based Cargill, a private company, said it earned $628 million in the fiscal fourth quarter ended May 31, up from $358 million a year earlier. Cargill said earnings at each of its five units rose during the quarter. The risk management and financial, industrial, and food ingredients and applications businesses were the largest contributors to earnings, the company said.

The results marked the last quarter with Warren Staley as chief executive. Gregory Page took over as CEO on June 1 and Staley plans to retire as chairman on Sept. 11. Cargill invested in its food ingredient and supply operations during fiscal 2007. Steps included buying LNB International Feed, a European animal nutrition company, adding oilseed processing and refining capacity and corn sweetener capacity in China and expanding oilseed processing capacity in Argentina.

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