Port of South LouisianaPort of StocktonCleveland Cascades LtdSailors SocietyViganBühler GmbH
  • Cimbria
  • Port of Vancouver USA
  • Port of South Louisiana
  • Port of Stockton
  • TOC Events
  • Bühler GmbH

Cargill reports fiscal 2020 Q2 results

Cargill reports fiscal 2020 Q2 results

(Posted on 08/01/20)

Cargill has reported results for the fiscal 2020 second quarter ended Nov. 30, 2019.

“We saw very good execution from our global teams throughout the quarter, as they focused on delivering what matters for our customers,” said Dave MacLennan, Cargill’s chairman and chief executive officer. “Our ongoing transformation, as well as recent acquisitions and expanded capabilities, are all helping us continue to raise our performance.”

Key measures include:

Adjusted operating earnings were $1.02 billion, up 19% from $853 million last year. For the first half of the year, this brought adjusted earnings to $1.93 billion.

Net earnings on a U.S. GAAP basis for the quarter were $1.19 billion, up 61% from a year ago. The increase included gains from divesting Cargill’s malt business and financial subsidiary, CarVal Investors. Net earnings for the first half climbed 20% to $2.11 billion.

Second-quarter revenues rose 4% to $29.2 billion. Six-month revenues totaled $58.2 billion, a 3% rise.

Adjusted operating earnings increased in two of Cargill’s four business segments: Animal Nutrition & Protein, and Industrial & Financial Services. They declined in Origination & Processing and Food Ingredients & Applications. Notable results include:

Cargill’s protein businesses around the world were well prepared to meet opportunities from country-by-country changes in demand, shifts in global protein flows due to African swine fever and other market forces.

Transformation efforts, recent acquisitions and capital investments all had positive impacts in businesses like animal nutrition and global poultry. Likewise, the ocean transportation business benefited from its readiness for the upcoming industry shift to low-sulphur fuels that began on Jan. 1, 2020.

The company’s agricultural trading business stayed well-positioned across commodities, while some of the regional origination and processing businesses continued to feel the negative impact of trade uncertainty and weather disruptions, particularly in North America.

Several global product lines of food ingredients saw softer results, including starches and sweeteners in Europe and Brazil, and edible oils in South America. Strong product deliveries kept cocoa and chocolate results near even with last year.

The beneficial impact of wintry weather combined with production efficiency gave a boost to road safety salt results.

Cargill and joint venture partner Royal DSM began commercial-scale production of EverSweet stevia sweetener in November at Cargill’s $50 million fermentation facility in Blair, Nebraska – the first of its kind in the U.S. This zero-calorie sweetener uses fermentation to create the two best-tasting molecules in the stevia leaf. In addition to providing scale, fermentation is much more sustainable than traditional leaf-based production, since these molecules make up less than 1% of the stevia leaf in nature.

Latest News

Rio Tinto reiterates apology as annual report published

(Posted on 24/02/21)

Rio Tinto has published its 2020 Annual Report and its Sustainability Fact Book. These documents complement... Read more


Rusal becomes preferred supplier to Kosei

(Posted on 24/02/21)

Rusal, a leading global aluminium producer, has announced that it has been named the preferred global... Read more


Rusal acquires German aluminium producer

(Posted on 17/02/21)

Rusal a leading global aluminium producer, has announced that it has agreed to acquire the business... Read more


Low-carbon iron MoU signed

(Posted on 17/02/21)

Rio Tinto, Paul Wurth S.A. and SHS-Stahl-Holding-Saar GmbH & Co. KGaA (SHS) have signed a Memorandum... Read more


Ukraine’s agricultural export record

(Posted on 10/02/21)

The share of agro-industrial products in the general structure of exports from Ukraine in 2020 reached... Read more


Rusal operating results

(Posted on 10/02/21)

Rusal, a leading global aluminium producer, has announced operating results for the fourth quarter of... Read more


Global crude steel output decreases by 0.9%

(Posted on 04/02/21)

Global crude steel production reached 1,864.0 million tonnes (Mt) for the year 2020, down by 0.9% compared... Read more


AIC responds to Defra’s urea consultation

(Posted on 04/02/21)

The Agricultural Industries Confederation (AIC) in the UK believes that a ban on the sale and use of... Read more


Palantir and Rio Tinto sign enterprise partnership

(Posted on 29/01/21)

Palantir Technologies Inc. have announced it has signed a multi-year enterprise agreement for its Foundry... Read more


BHP’s operational review

(Posted on 25/01/21)

Chief Executive Officer, Mike Henry has released a statement on BHP’s operational review for the... Read more


TelestackTOC EventsTBA GroupPort of Vancouver USACimbriaThe Wolfson Centre for Bulk Solids Handling Technology
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Sailors Society
  • Vigan

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping