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 second-quarter results

08.01.2020 11:35 "Agro Perspectiva" (Kyiv) Cargill reported results for the fiscal 2020 second quarter ended Nov. 30, 2019. Key measures include:

Adjusted operating earnings were $1.02 billion, up 19% from $853 million last year. For the first half of the year, this brought adjusted earnings to $1.93 billion.

Net earnings on a U. S. GAAP basis for the quarter were $1.19 billion, up 61% from a year ago. The increase included gains from divesting Cargills malt business and financial subsidiary, CarVal Investors. Net earnings for the first half climbed 20% to $2.11 billion.

Second-quarter revenues rose 4% to $29.2 billion. Six-month revenues totaled $58.2 billion, a 3% rise.

«We saw very good execution from our global teams throughout the quarter, as they focused on delivering what matters for our customers,» said Dave MacLennan, Cargills chairman and chief executive officer. «Our ongoing transformation, as well as recent acquisitions and expanded capabilities, are all helping us continue to raise our performance.»

Performance highlights

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

Cargills protein businesses around the world were well prepared to meet opportunities from country-by-country changes in demand, shifts in global protein flows due to African swine fever and other market forces.

Transformation efforts, recent acquisitions and capital investments all had positive impacts in businesses like animal nutrition and global poultry. Likewise, the ocean transportation business benefited from its readiness for the upcoming industry shift to low-sulphur fuels that began on Jan. 1, 2020.

The companys agricultural trading business stayed well-positioned across commodities, while some of the regional origination and processing businesses continued to feel the negative impact of trade uncertainty and weather disruptions, particularly in North America.

Several global product lines of food ingredients saw softer results, including starches and sweeteners in Europe and Brazil, and edible oils in South America. Strong product deliveries kept cocoa and chocolate results near even with last year.

The beneficial impact of wintry weather combined with production efficiency gave a boost to road safety salt results.

Innovation for growth

Cargill and joint venture partner Royal DSM began commercial-scale production of EverSweet stevia sweetener in November at Cargills $50 million fermentation facility in Blair, Nebraska — the first of its kind in the U. S. This zero-calorie sweetener uses fermentation to create the two best-tasting molecules in the stevia leaf. In addition to providing scale, fermentation is much more sustainable than traditional leaf-based production, since these molecules make up less than 1% of the stevia leaf in nature.

The innovation has significant growth potential because its well-suited for many kinds of food and beverage applications such as soft drinks, flavored waters and teas, smoothies, yogurt, confections and ice creams. More than 300 customer trials and product development projects are currently in progress.

Far-reaching climate solutions

With a major presence in food and agriculture supply chains around the globe, Cargill is committed to protecting the planets vital natural resources. To that end, Cargill announced at the start of December that the company has adopted a Scope 3 target of reducing greenhouse gas emissions in its global supply chains by 30% per ton of product by 2030. The goal aligns with many of Cargills customers and has been approved by the Science Based Targets initiative (SBTi). It complements the companys previously announced goal to reduce emissions from operations by 10% on an absolute basis by 2025. Along with the target, the company reinforced its commitment to the Paris Climate Accord through the We Are Still In coalition and pledged to the CEO climate statement.

To achieve the Scope 3 target, Cargill is focused on supply chain partnerships and solutions that benefit farmers, customers and the broader food system. This includes accelerating progress through the BeefUp Sustainability initiative, efforts to help farmers sequester carbon by maintaining healthier soils, reductions in carbon for sustainable shipping, and more.

«Without bold and decisive action by all involved in the production of food, climate change will destabilize the food system,» MacLennan said. «As with all areas of our business, we are innovating alongside our partners in the supply chain to make sure we can nourish a growing world for years to come.»

Agro Perspectiva

< Summer drought in the EU caused poor pasture conditions and led to forage shortages All news for
08.01.2020
Japan Prepares to Allow Preventative ASF Culls in Case of Outbreak >

02.04.2020  
15:50 Polish chicken meat production will reach 2.2 MMT in 2020
01.04.2020  
13:00 Covantis launches as legal entity, announces CEO and executive appointments
31.03.2020  
14:40 Poland. First Large 2020 ASF Outbreak Hits Commercial Farm Near German Border
13:30 Rada adopts law on farmland market opening in Ukraine from July 1, 2021
24.03.2020  
11:15 Q&A: COVID-19 pandemic impact on food and agriculture
09:35 CNH Industrial names Chair Suzanne Heywood as Acting Chief Executive Officer
23.03.2020  
12:45 Brazil chicken production to increase by 3.2 percent
10:25 Cargill joins efforts to increase cocoa productivity in Pará while restoring forest areas
10:10 Grain Imports to Suffer as Jordan Struggles with Low Growth in 2020
20.03.2020  
14:28 Ukraine grain export reached 43.992 million tons as of March 20, 2020
14:26 EBRD and EU commit fresh funds to support Ukrainian businesses
18.03.2020  
18:03 Coronavirus will hit economies across all EBRD regions
16:40 Ukraine grain export reached 43.627 million tons as of March 18, 2020
17.03.2020  
12:10 Kazakhstan. Ag Ministry Outlines Support Programs for 2020
14.03.2020  
20:46 EBRD unveils EUR1 billion emergency coronavirus financing package
13.03.2020  
12:40 Green Climate Fund approves a $119 million climate resilient project for Cuba
11.03.2020  
10:55 Canada shifts rapeseed exports to offset lost China sales
10:20 European Union has exported more barley in the first quarter of 2019/20
10.03.2020  
16:25 Argentina: New Export Tax Rates in Argentina
09.03.2020  
12:30 Coronavirus outbreak helps push FAO Food Price Index down
06.03.2020  
16:35 Verkhovna Rada appoints Shmyhal as Prime Minister of Ukraine
14:30 World cereal production estimates revised upwards
11:35 World food prices drop in February
04.03.2020  
14:20 Allen elects to retire as Deere Board chairman May 1st
13:25 Japan: Dairy Certificate Updated to Satisfy New Food Safety Law
02.03.2020  
17:15 Ukraine grain export reached 40.867 million tons as of March 2, 2020
15:25 Economy Ministry estimates grain harvest in Ukraine in 2020 at 65-70 mln tonnes
15:20 Ukrspyrt sees 62% rise in spirit sales, UAH 2.6 mln of net profit in Jan
15:10 Balance of single treasury account expands by UAH 5.1 bln in Feb treasury
29.02.2020  
18:25 FAO welcomes 17 million contribution from Germany to combat the impact of the Desert Locust upsurge in East Africa
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

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