Cargill Net Earning Fall 24 Percent in Third Quarter
Cargill’s net earnings for the third quarter of its 2018 fiscal year came in at $495 million - down from $650 million for the same quarter a year before, representing a decrease of 24 percent.
Edible oils, cocoa, and chocolate showed gains for the company’s Food Ingredients & Applications unit, which was the second largest contributor to the company’s earnings for the quarter.
The top contributor for the company was the Animal Nutrition & Protein division, which included solid performance by the complete animal feed, premixes, additive, and micronutrient categories as well as the North American beef and egg protein categories.
Cargill’s Origination and Processing unit exceeded its results from the previous year’s third quarter, with building volatility in the quarter providing for greater trading, however, oilseed processing results were disappointing across multiple geographies.
Contributing to the lower net earnings year-on-year was a net charge to the company of $161 million due to new tax regulations associated with the U.S. Tax Cuts and Jobs Act.