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Cargill Reports Lower Quarterly Net Income
USAgNet - 01/19/2018

Cargill reported financial results for the fiscal 2018 second quarter and first half ended Nov. 30, 2017. Adjusted operating earnings totaled $948 million, an 8 percent decrease against last year's strong comparative of $1.03 billion. For the first half, adjusted operating earnings stood at $1.84 billion, down 1 percent from last year.

"Even as conditions vary across our global markets, we continue to realize greater benefits from operating as an integrated company with a unique combination of talent, assets, insights and solutions," said David MacLennan, Cargill's chairman and chief executive officer.

He noted that during the quarter, the company announced more than $1 billion in agreed acquisitions, joint ventures and new investments in facilities.

"Thanks to the results of our recent strong performance, we are reinvesting in ways that enable our teams to achieve more for our customers and lead for growth."

Adjusted operating earnings in Animal Nutrition & Protein narrowly exceeded last year's strong second quarter.

Animal nutrition earnings rose across the global business, with improvement led by premix and feed additives.

As cattle costs moved up, retail demand for beef remained brisk, as did exports of U.S. beef.

Pre-season marketing by the U.S. turkey business drove whole-bird sales in advance of the Thanksgiving holiday.

In total, Animal Nutrition & Protein was the largest contributor to adjusted operating earnings in the second period.

Cargill completed several acquisitions in December that expand its focus on animal micro-nutrition.


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