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Cargill Reports on FY 2019

07/11/2019

In a press release dated July 11th closely held Cargill Inc. reported results for FY 2019 ending May 31st. For the period net earnings were $2.56 billion on revenue of $113.5 billion representing a net margin of 2.3 percent. Comparative values for FY 2018 were net earnings of $3.10 billion on sales of $114.6 billion.

The Animal Nutrition and Protein segment was a major contributor to operating profit although impacted in North America by spring flooding. Value-added egg products demonstrated strong demand. Although global poultry results lagged Cargill invested in a cooked chicken products plant in China. Feed demand was lowered in China as a result of African swine fever.

The Origination and Processing segment was adversely impacted by disruption in commodity markets resulting from the trade dispute with China.

The Industrial and Financial Services segment benefitted from improved risk management and trade finance.

Commenting on results, Dave MacLennan,  CEO and Chairman stated "Throughout the year, we faced a very challenging global business environment that slowed earnings. Still, we improved performance in several food and financial businesses and significantly reduced costs companywide. In particular, the North American protein business, which led earnings by combining strong demand for beef and eggs with consumer insights that helped customers win in local markets”. He concluded “The company is focused on what it can best control: moving faster, raising efficiency, and creating innovative solutions for customers. We want to accelerate growth in market segments where our expertise will help us create more value with our customers”.