TOC EventsTelestackBühler GmbHThe Wolfson Centre for Bulk Solids Handling Technology Port of StocktonCimbria
  • Sailors Society
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Coaltrans Asia 2021
  • Bühler GmbH
  • Van Aalst
  • Port of South Louisiana

Cargill reports results

(Posted on 27/09/19)

Cargill has reported results for the fiscal 2020 first quarter ended Aug. 31, 2019. Key measures include:

  • Adjusted operating earnings were $908 million, up 3% from $883 million last year.
  • Net earnings on a U.S. GAAP basis were $915 million, a 10% decrease from last year’s strong comparative of $1.02 billion.
  • First-quarter revenues rose 1% to $29 billion.

“Our year started on a good note as we continued to help our customers navigate an unpredictable business environment,” said Dave MacLennan, Cargill’s chairman and chief executive officer. “Right now, we are focused on modernizing all aspects of our operations so we can effectively and efficiently provide our customers with solutions they value everywhere they do business.”

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

  • Global protein led the way, with strong results in North America as the business brought innovative solutions to customers to help them meet strong consumer demand for beef and eggs. Protein in Europe and Asia climbed due to good poultry performance in China, Thailand and the U.K. Similarly, protein in Latin America improved despite a difficult operating environment.
  • Despite pressure from African swine fever, results improved in global compound feeds as the business combined an advantageous product mix with effective cost management. Aqua feeds also captured healthy results amid aquaculture’s high season.
  • Starches, sweeteners and texturizers dropped primarily due to lower volumes in Europe and North America. Performance in cocoa and chocolate reflected a softening cocoa market in several regions and higher operating costs in chocolate in North America.
  • Results declined for the company’s origination and processing businesses in most geographies, as trade- and weather-related disruptions continued to take a toll.
  • The global trading business saw good year-on-year improvement, as it was well-positioned across commodities. The Asia-based metals business also used sound market reads and execution to gain over the prior year.
  • Trade finance results were held back by fiscal deterioration in Argentina late in the quarter. In risk management, low prices and low volatility in agricultural markets decreased demand for hedging solutions.

During the quarter, Cargill expanded a joint venture and formed new partnerships:

  • The company invested an additional $75 million in Puris, the largest manufacturer of pea protein in North America. This will help the firm more than double production by repurposing an existing facility in Minnesota to supply plant-based proteins, starches and fibers to food and beverage customers.
  • Cargill formed a commercial partnership with InnovaFeed, a leader in producing protein for feed from insects, to jointly market these feeds as it seeks to support the growth of sustainable aquaculture worldwide. Similarly, an agreement with biotech company White Dog Labs provides Cargill with access to a fermentation-based protein for use in salmon feeds.

Latest News

thyssenkrupp sells mining business to FLSmidth

(Posted on 29/07/21)

thyssenkrupp has announced the sale of its Mining Technologies business unit to the Danish company FLSmidth... Read more


Rio Tinto progresses studies for underground mining at Kennecott

(Posted on 26/07/21)

Rio Tinto has approved a $108 million investment in underground development to enable early orebody... Read more


En+ Group sustainability report sets new targets

(Posted on 20/07/21)

En+ Group, the world’s largest producer of low carbon aluminium, has published its 2020 Sustainability... Read more


Rusal to supply Rheinfelden with low carbon aluminium

(Posted on 15/07/21)

Rusal, a leading global aluminium producer, has announced that it will supply its plant Aluminium Rheinfelden... Read more


Largest Korean steel producer and Rio Tinto sign climate MOU

(Posted on 11/07/21)

Rio Tinto and POSCO, the largest steel producer in South Korea and one of the world’s leading... Read more


BHP announces divestment of Cerrejón interest

(Posted on 05/07/21)

BHP has announced that it has signed a Sale and Purchase Agreement with Glencore to divest its 33.3... Read more


Galena fund: first for commodities industry

(Posted on 01/07/21)

Galena Asset Management, a wholly-owned investment subsidiary of Trafigura, one of the world’s... Read more


Force majeure declared at Richards Bay Minerals

(Posted on 01/07/21)

Rio Tinto has declared force majeure on customer contracts at Richards Bay Minerals (RBM) in South Africa... Read more


Rio Tinto to drive decarbonisation with Schneider

(Posted on 28/06/21)

Rio Tinto, a leading global mining and metals company, and Schneider Electric, the leader in digital... Read more


Rio Tinto deploys first fully autonomous water trucks

(Posted on 22/06/21)

Rio Tinto will deploy the world’s first fully autonomous water trucks at its $2.6 billion Gudai... Read more


Sailors SocietyPort of South LouisianaTBA GroupVan AalstCleveland Cascades LtdCoaltrans Asia 2021
  • Vigan
  • TBA Group
  • Cimbria
  • TOC Events
  • Port of Stockton

Subscribe to our newsletter

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