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Agricultural products marketer Cargill's net earnings up 18%
29 Aug '05
3 min read
International agricultural marketer, processor and distributor Cargill reported net earnings of $230 million for the 2005 fourth quarter ended May 31, up 18 percent from $195 million in the same period a year ago.
For the 2005 fiscal year, the company earned $2.1 billion, which included a noncash net gain of $578 million realized in the second quarter. Excluding the one-time gain, Cargill's 12-month net earnings were $1.53 billion, up 15 percent from $1.33 billion a year ago.
Revenues for the full year rose 13 percent to $71.1 billion. Cash flow from operations increased 7 percent to $3.2 billion.
“Backed by strong performance across our diverse business and geographic operations, Cargill delivered increased earnings in fiscal 2005,” said Warren Staley, Cargill chairman and chief executive officer. “Today's results are a tangible sign of the progress achieved in our company's strategy to become a recognized leader in creating food and agricultural solutions that help customers succeed.”
Staley traced the year's performance to Cargill's development in 1999 of a new business model that called on the company to add proficiencies in supply chain management, food applications, and health and nutrition while continuing to grow its traditional strengths in trading, processing and risk management. “Through our employees' initiative, we undertook many changes that are making Cargill today a more customer focused, innovative, collaborative and higher performing company.”
For the 2005 fiscal year, the company earned $2.1 billion, which included a noncash net gain of $578 million realized in the second quarter. Excluding the one-time gain, Cargill's 12-month net earnings were $1.53 billion, up 15 percent from $1.33 billion a year ago.
Revenues for the full year rose 13 percent to $71.1 billion. Cash flow from operations increased 7 percent to $3.2 billion.
“Backed by strong performance across our diverse business and geographic operations, Cargill delivered increased earnings in fiscal 2005,” said Warren Staley, Cargill chairman and chief executive officer. “Today's results are a tangible sign of the progress achieved in our company's strategy to become a recognized leader in creating food and agricultural solutions that help customers succeed.”
Staley traced the year's performance to Cargill's development in 1999 of a new business model that called on the company to add proficiencies in supply chain management, food applications, and health and nutrition while continuing to grow its traditional strengths in trading, processing and risk management. “Through our employees' initiative, we undertook many changes that are making Cargill today a more customer focused, innovative, collaborative and higher performing company.”
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