Homepage  Homepage     Search on site  Search on site     To write the letter  To write the letter     Site map  Site map
Agro Perspectiva
We are on: 
   

Photoblog

 


Home > News

Cargill reports fiscal 2020 first-quarter results

08.10.2019 09:30 "Agro Perspectiva" (Kyiv) Cargill reported results for the fiscal 2020 first quarter ended Aug. 31, 2019. Key measures include:

Adjusted operating earnings were $908 million, up 3% from $883 million last year.

Net earnings on a U. S. GAAP basis were $915 million, a 10% decrease from last years strong comparative of $1.02 billion.

First-quarter revenues rose 1% to $29 billion.

«Our year started on a good note as we continued to help our customers navigate an unpredictable business environment,» said Dave MacLennan, Cargills chairman and chief executive officer. «Right now, we are focused on modernizing all aspects of our operations so we can effectively and efficiently provide our customers with solutions they value everywhere they do business.»

Performance highlights

Adjusted operating earnings rose in two of Cargills four business segments: Animal Nutrition & Protein, and Industrial & Financial Services. They decreased in Origination & Processing and Food Ingredients & Applications. Notable results include:

Global protein led the way, with strong results in North America as the business brought innovative solutions to customers to help them meet strong consumer demand for beef and eggs. Protein in Europe and Asia climbed due to good poultry performance in China, Thailand and the U. K. Similarly, protein in Latin America improved despite a difficult operating environment.

Despite pressure from African swine fever, results improved in global compound feeds as the business combined an advantageous product mix with effective cost management. Aqua feeds also captured healthy results amid aquacultures high season.

Starches, sweeteners and texturizers dropped primarily due to lower volumes in Europe and North America. Performance in cocoa and chocolate reflected a softening cocoa market in several regions and higher operating costs in chocolate in North America.

Results declined for the companys origination and processing businesses in most geographies, as trade- and weather-related disruptions continued to take a toll.

The global trading business saw good year-on-year improvement, as it was well-positioned across commodities. The Asia-based metals business also used sound market reads and execution to gain over the prior year.

Trade finance results were held back by fiscal deterioration in Argentina late in the quarter. In risk management, low prices and low volatility in agricultural markets decreased demand for hedging solutions.

New pathways to growth

During the quarter, Cargill expanded a joint venture and formed new partnerships:

The company invested an additional $75 million in Puris, the largest manufacturer of pea protein in North America. This will help the firm more than double production by repurposing an existing facility in Minnesota to supply plant-based proteins, starches and fibers to food and beverage customers.

Cargill formed a commercial partnership with InnovaFeed, a leader in producing protein for feed from insects, to jointly market these feeds as it seeks to support the growth of sustainable aquaculture worldwide. Similarly, an agreement with biotech company White Dog Labs provides Cargill with access to a fermentation-based protein for use in salmon feeds.

Changing whats possible, sustainably

Across its global businesses, Cargill is teaming up with a unique network of partners to advance the environmental, social and economic sustainability of food and agriculture.

For example, the company announced the BeefUp Sustainability program, which by 2030 will reduce greenhouse gas intensity by 30% across its beef supply chain per pound of product by focusing on grazing management, feed production, innovation and food waste reduction. Achieving the target will be the equivalent of removing 2 million cars from U.S. highways for a year.

With partner Heifer International, Cargill and customer Distribuidora El Tio expanded the Hatching Hope Global Initiative to Mexico. Launched earlier this year, Hatching Hope will provide resources, know-how and market access to smallholder women farmers so they can sustainably increase poultry production and improve the lives of 100 million people by 2030.

To nurture breakthrough innovations, Cargill, Techstars and Ecolab debuted the second cohort of their Farm to Fork Accelerator. Hailing from across the U.S., as well as Canada, Israel and India, startups in the cohort are focused on advancing key aspects of the food system, including food security and safety, ag tech, consumer goods and supply chain management.

The University of Illinois at Urbana-Champaigns Research Park will house Cargills newest Innovation Lab, where a team of data scientists and lab students will work directly with Cargill business leaders, operations teams and customers to find digital solutions to food and agriculture challenges.

«There is no one solution to creating resilient food systems. We are using the reach of our global businesses — as well as the expertise of our own teams and our partners — to find the many answers well need to nourish the world in a sustainable way,» MacLennan said.

Agro Perspectiva

< Ukrzaliznytsia more than doubles profit in H1, 2019 All news for
08.10.2019
Cabinet and NBU sign memo of cooperation to achieve sustainable economic growth, price stability >

28.02.2020  
20:25 FAO welcomes European Union contribution of 11 million to fight Desert Locust outbreak
19:35 Ramping up the fight against Fall Armyworm
19:25 Harnessing Artificial Intelligence's transformative power to make food systems more efficient, sustainable and inclusive
27.02.2020  
11:50 Cargill launches plant-based patty and ground products
26.02.2020  
15:35 Canada: Consultations on Proposed Supply-Managed TRQ Administration Options
25.02.2020  
20:43 Indonesia Confirms African Swine Fever Outbreak
19:35 Total Russian grain exports in MY 2019/2020 may reach 45MMT
15:25 Taiwan Impacted as Agricultural Trade Disrupted by Coronavirus
23.02.2020  
14:30 Hunger threatens over half of the population in South Sudan
21.02.2020  
17:23 Wheat export prices decreased again
17.02.2020  
17:02 Casein export prices remained stable during the week
16.02.2020  
18:56 Ukrainian crude sunoil quotes
16:51 Black sea wheat prices fell again
10:43 Prices for Ukrainian whey decreased
13.02.2020  
21:55 DP World entering Ukraine via buying controlling stake in TIS Container Terminal Ukraine
21:05 IMF notes active dialogue with Ukraine on new program, finds it difficult to name possible term for its approval
12.02.2020  
23:45 Taiwan: Taiwan Requires New Dairy Certificates Effective May 1, 2020
23:00 Cabinet Establishes State Debt Management Agency
22:35 Foreign Sorghum Exports Lowest Since 2005/2006
11.02.2020  
21:00 Palm Oil Exports Constrained By Lower Exportable Supplies
15:15 Rada suspends debate on land market until next week
15:10 India: 2020-21 Budget Raises Tariffs on Several Agricultural Products
15:05 American Chamber of Commerce urges president to veto bill with regulation of cigarettes trade margin
07.02.2020  
17:20 EBRD provides EUR15 million to Piraeus Bank Ukraine
03.02.2020  
12:30 FAO appeals for urgent support to fight worsening Desert Locust upsurge in the Horn of Africa
02.02.2020  
12:45 Overfishing of the worlds major tuna stocks going down, bycatch and pollution reduced and 18 new areas protecting vulnerable marine ecosystems established
29.01.2020  
17:00 Indonesias Ministry of Agriculture released updated oil palm area data, significantly increasing overall plantation hectares
16:40 Alarm over Desert Locusts increases as new generation of the destructive pests starts breeding in Horn of Africa
27.01.2020  
11:15 Global orange production for 2019/2020 is forecast to fall to 47.5 million metric tons
23.01.2020  
16:25 MHP EU certified poultry production facilities have ceased exports to the EU countries
15:57 Over 11 percent of agricultural farmland in Denmark is used for organic production
22.01.2020  
12:20 Groundbreaking ceremony marks start of a new BASF production hub for crop protection in Singapore
11:25 Tetra Pak launches first virtual marketplace for food and beverage manufacturers
16.01.2020  
17:35 Worlds first registration for BASF insecticide Broflanilide in Australia
11:25 China Lowers Applied MFN Tariff Rates on Selected Agricultural Products
14.01.2020  
13:20 Ukrzaliznytsia pays around $24 mln on eurobonds
13.01.2020  
12:55 Chicken Meat production in China is estimated at 14,8 MMT in 2020 - report of the USDA
11.01.2020  
16:10 Pork production in China is estimated at 36 MMT in 2020 - report of the USDA
12:35 Thailand Rice Exports Plunge Amid Production Declines, Global Competition
10.01.2020  
11:15 World food prices continue rising in December
09.01.2020  
14:25 MY 2018/19 corn production in Brazil is estimated at a record 101 MMT
08.01.2020  
16:15 ChemChina and Sinochem announced that they are consolidating their agricultural assets into a new holding company Syngenta Group
13:10 Japan Prepares to Allow Preventative ASF Culls in Case of Outbreak
11:35 Cargill reports fiscal 2020 second-quarter results
03.01.2020  
11:45 Summer drought in the EU caused poor pasture conditions and led to forage shortages
26.12.2019  
11:25 The 2019 milk output forecast for Australia is revised down by 2 percent to 8.8 million tons
24.12.2019  
18:55 Rice export prices increased around 1 percent due to the strengthening of the Thai baht
11:40 Prospects for U.S. dairy exporters have improved markedly
21.12.2019  
10:30 In 2019/20, China wheat imports are forecast at 3.2 million tons
20.12.2019  
16:35 Prospects for U.S. dairy exporters have improved markedly as 2020

Also available: 

Agrarian Week in digital



READ ON-LINE




NewsNews - News - News - News - News - News
BriefWeekly Reports - Free article
SubscriptionTariff - News&Reports
AdvertisingMagazine - Site
ConferencesForum AGRO-2013 - DAIRY WORLD-2008 - FERTILIZERS-2010
Statistics
For our clientsAgroNewsDaily - Ukrainian Grain&Oilseed Market - Fertilizers - Milk Monthly - Milk Weekly
About usAbout project - Contact
.      1991 . .      1991 .
2002 -2020 © Agrarika, ltd.
tel.: +38 (044) 486-9171, 486-8119
fax: +38 (044) 486-8830, 494-4889
e-mail: info@agroperspectiva.com