US Cargill Q3 earnings fall 42% year on year on drought, economy

09 April 2013 20:49  [Source: ICIS news]

HOUSTON (ICIS)--Cargill's Q3 earnings dropped 42% year on year due in part to the prolonged impact of last year’s North American drought and difficult economic conditions in meat and dairy production in several regions, the US-based international agribusiness group said on Tuesday.

Net earnings during the third quarter of fiscal 2013 were $445m (€343m), down from $766m in the same period a year ago, the private company said.

However, nine-month earnings for fiscal 2013 are up 66% to $1.83bn from $1.10bn for the first nine months of fiscal 2012, it said.

The company’s industrial segment posted increased Q3 earnings, with sales volumes from road de-icing products being higher than the same period last year, Cargill said. Production volumes were down because of the mild North American winter of 2011-12, which left storage facilities still holding inventory as the 2012-2013 winter began.

($1 = €0.77)

By: Jeremy Pafford
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