“External events affected our quarterly results, even as we saw operational improvements in key businesses,” he said.
Net earnings of $319 million in the quarter compared to $445 million in the previous year’s third quarter. Net revenues of $32 billion essentially were even from revenues in the previous year’s third quarter.
Third-quarter results rose in Animal Nutrition & Protein on increased operating efficiencies and exports in US and Australian beef.
Third-quarter earnings in Cargill’s Food Ingredients & Applications business were moderately below earnings in last year’s third quarter, which included one-time gains from a trade-related claim and the sale of a cultures and enzymes business. In this year’s third quarter, lackluster consumer demand tempered results as did additional costs from recent acquisitions and new or expanding facilities.
Earnings strengthened in Industrial & Financial Services. Earnings decreased in Origination & Processing because of costs related to China corn trade and limited opportunities in grain trading and storage.