CHICAGO, Ill. (Reuters) – Cargill’s quarterly earnings have more than doubled, with all five of its business segments posting improved results from a year ago.
The company reported earnings from continuing operations of $729 million US for the third quarter that ended Feb. 28. It also realized a $169 million net gain from discontinued operations due to the sale of its Brazilian poultry and pork business.
That brought net earnings to $898 million, compared with $326 million in the same period a year earlier.
“We were able to benefit from the faster pace of economic recovery occurring in emerging markets,” chief executive officer Greg Page said in a statement.
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Conditions are improving more slowly in developed economies, he added.
Cargill, one of the world’s largest private corporations, employs 138,000 people in 67 countries. It is a leading U.S. grain exporter, biofuel producer, food processor, energy trader and majority owner of Mosaic Co., a top producer of phosphate and potash.
“Our earnings were up from a weak quarter a year ago but it was broad-based as all five (business segments) improved their results,” said Cargill spokesperson Lisa Clemens said.
The company said earnings in agriculture services were lifted by the late but large North American grain harvest.
Results also improved in Cargill’s crop origination and processing, as well as food ingredients and applications.
The company’s large risk management and financial business im-proved “alongside the recovery in global financial markets,” although energy trading results “were not as strong as those afforded by last year’s extremely volatile markets.”
