Cargill’s Q1 profit down by a quarter
10/10/2014
Revenues three months to the end of August totalled $33.3 billion, 2% lower than last year.
CEO David MacLennan said despite the dip, he is optimistic. “This year’s big crops, not just in North America but across agricultural production areas worldwide, will enhance food security after several years of weather disruptions. Our company is well positioned to connect these new supplies to growing demand.”
Beef processing in Australia benefited from ample cattle supplies and strong export demand. In North America, lower input costs bolstered cattle feeding results. On the processing side, cattle costs were very high but consumer demand for beef stayed strong.
During the quarter, the company closed its beef harvest facility in Milwaukee due to tight cattle supply brought about by producers retaining cattle for herd expansion.
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