Cargill Q3 earnings fall 68% on slowed sales

14 April 2009 20:39  [Source: ICIS news]

HOUSTON (ICIS news)--US biodiesel and glycerine producer Cargill posted on Tuesday an annualised 68% decrease in net earnings for its third quarter, as the slowed global economy caused its agricultural and financial services sales to drop dramatically.

Net earnings for the quarter ended 28 February were $326m (€245m), down from a record $1bn the same period last year. The privately held company did not disclose sales for the quarter. It posted $120bn in sales for 2008, a 36% increase from $88bn in 2007.

“The troubles in the global economy and financial system arrived at our company’s doorstep,” Cargill Chairman and CEO Greg Page said of the steep drop in its third quarter.

Cargill, based in Minnesota, said the earnings slide hit all five of the company’s segments but did not break out numbers for individual businesses. The company operates in 67 countries.

Cargill operates a 37.5m gal/year (142m litre/year) biodiesel plant and 30m lb/year (14,000 tonne/year) glycerine refinery in Iowa Falls, Iowa.

($1 = €0.75)

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By: Ben Lefebvre
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