09 October 2013 16:36 [Source: ICIS news]
HOUSTON (ICIS)--Cargill’s fiscal 2014 Q1 net earnings fell 41% year on year to $571m (€423m) because of remaining effects from last year’s drought and smaller crops, according to the US-based international agribusiness and commodities trading group on Wednesday.
Cargill’s revenues for the three months ended 31 August were $33.8bn, matching the 2013 fiscal first quarter, the company said.
Results in Cargill’s industrial and financial services were down significantly from last year’s strong first quarter, the company said without providing details.
Meanwhile, the company's energy businesses posted a weak performance due to mild weather, soft demand and low market volatility, according to Cargill.
“Cargill did an excellent job managing the remaining effects of last year’s severe drought and smaller crops,” said CEO Greg Page.
“Our agricultural supply chain and food ingredient businesses were focused on helping customers and the company to successfully manage their raw material purchases and inventories during the market uncertainty that precedes the transition to new crops in the northern hemisphere,” Page said.
($1 = €0.74)
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