TOC EventsPort of StocktonCimbriaTelestackBühler GmbHThe Wolfson Centre for Bulk Solids Handling Technology
  • TOC Events
  • TMS Webinar Series COVID-19: A Leadership Perspective - ‘Sustaining Maritime Infrastructure Development'
  • Coaltrans Virtual World Coal Leaders Network 2020
  • China Coaltrans 2020
  • Cimbria
  • Vigan

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 rings the changes

(Posted on 14/09/20)

Following the publication of the Board Review of Cultural Heritage Management (the Board Review), undertaken... Read more


Upfield and GrainCorp announce partnership

(Posted on 07/09/20)

Upfield, a global leader in plant-based nutrition, has entered into a long-term partnership withGrainCorp... Read more


NGFA launches second Harvest Safety Week

(Posted on 28/08/20)

The National Grain and Feed Association (NGFA) in the USA is launching its second-annual Harvest Safety... Read more


Economists expect US soy export growth

(Posted on 28/08/20)

One might question how COVID-19 and U.S. Soy exports are related. For many, this might be a far stretch... Read more


IBJ Webinar to launch on 16 September

(Posted on 26/08/20)

Launched in 1981, IBJ has an established track record of keeping the global bulk cargo handling and... Read more


WTO issues trade costs increase warning

(Posted on 17/08/20)

The World Trade Organization’s (WTO) Secretariat has published a new informational note warning... Read more


Fertilizer industry “deeply touched” by Beirut explosion

(Posted on 10/08/20)

Last week’s explosions at the port of Beirut have deeply touched the world’s fertilizer... Read more


Rio Tinto publishes Juukan Gorge submission

(Posted on 10/08/20)

Rio Tinto has reiterated its determination to ensure that the destruction of heritage sites of exceptional... Read more


US waterways bill commended

(Posted on 31/07/20)

The National Grain and Feed Association (NGFA) has commended the US Congress for passing by a unanimous... Read more


Rusal completes smelter transition

(Posted on 31/07/20)

RUSAL, a leading global aluminium producer, has announced that its Krasnoyarsk Aluminium Smelter (KrAZ... Read more


Sailors SocietyTBA GroupChina Coaltrans 2020Coaltrans Virtual World Coal Leaders Network 2020TMS Awards 2020Cleveland Cascades Ltd
  • Bühler GmbH
  • TBA Group
  • Cleveland Cascades Ltd
  • The Wolfson Centre for Bulk Solids Handling Technology

Subscribe to our newsletter

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