US Cargill Q1 earnings down 65% on fertilizer weakness

13 October 2009 16:05  [Source: ICIS news]

HOUSTON (ICIS news)--US agribusiness major Cargill had net earnings of $525m (€357m) in its fiscal 2010 first quarter, down 65% from last year's record $1.49bn partly because of reduced income from fertilizers, the company said on Tuesday.

Earnings in the company’s industrial segment, which includes Cargill's 64% majority investment in fertilizer major Mosaic, declined substantially from the year-ago level, the privately-held company said.

Cargill’s fiscal first quarter ended on 31 August.

Mosaic reported a first-quarter net income of $100.6m on 5 October, down substantially from $1.18bn in the same time last year, due to a large drop in sales.

Mosaic net sales were $1.46bn, down from $4.32bn in the year-earlier period.

($1 = €0.68)

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By: Ben DuBose
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