Cargill posts positive first quarter 2009 earnings
October 6, 2008
BY Bryan Sims
Web exclusive posted Oct. 23, 2008 at 10:42 a.m. CST
Agri-business giant Cargill Inc. reported net earnings of $1.49 billion in its 2009 first quarter ending Aug. 31, up 62 percent from $917 million the same period a year ago.
Among Cargill's five business segments, the increase in first quarter earnings was led by the industrial segment, which reflected continued demand for crop nutrients in response to the world's increased need for higher crop yields. Its grain origination and processing segment also saw an increase slightly from the first quarter last year.
"Our team's attention to measuring and managing risk and exercising fiscal discipline allowed the company to respond to supply and demand fundamentals in fast-moving markets," said Greg Page, chairman and chief executive officer of Cargill.
The company also made renovations to its operating 85 MMgy ethanol plant in Blair, Neb. Cargill said it temporarily shutdown its corn wet milling plant in Cedar Rapids, Iowa, due to flooding that hit the Midwest in early June. The plant is now rebuilt and is expected to resume operations in November. The facility produces corn syrup, specialty food starches and industrial starches for its North American customers.
Agri-business giant Cargill Inc. reported net earnings of $1.49 billion in its 2009 first quarter ending Aug. 31, up 62 percent from $917 million the same period a year ago.
Among Cargill's five business segments, the increase in first quarter earnings was led by the industrial segment, which reflected continued demand for crop nutrients in response to the world's increased need for higher crop yields. Its grain origination and processing segment also saw an increase slightly from the first quarter last year.
"Our team's attention to measuring and managing risk and exercising fiscal discipline allowed the company to respond to supply and demand fundamentals in fast-moving markets," said Greg Page, chairman and chief executive officer of Cargill.
The company also made renovations to its operating 85 MMgy ethanol plant in Blair, Neb. Cargill said it temporarily shutdown its corn wet milling plant in Cedar Rapids, Iowa, due to flooding that hit the Midwest in early June. The plant is now rebuilt and is expected to resume operations in November. The facility produces corn syrup, specialty food starches and industrial starches for its North American customers.
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