Cargill Continues to Report Huge Earnings in 1Q

Cargill Continues to Report Huge Earnings in 1Q

MINNEAPOLIS--In the first quarter of 2002 (1Q02) ended Aug. 31, Cargill experienced a huge earnings jump due to global sales in the grain and oilseed industries. Cargill reported earnings of $288 million for the first quarter of its new fiscal year (1Q02), a 67-percent jump from $172 million logged in the same period last year. As a privately held company, it did not report sales, gross profit or operating expenses.

According to the company, its earnings were broad based. Strong sales in the global grain and oilseed industries, as well as the beef processing and newly expanded animal nutrition operations, led to the company's excellent first quarter for fiscal year 2002. During the quarter, the company also integrated feed maker and marketer Agribrands International, bought in the fourth quarter of 2001. In addition, Cargill recently finished the 1Q02 acquisition of Emmpak Foods and Rocco Enterprises.

"Cargill's [1Q02] results constituted one of the company's stronger operating performances for the June to August period," said Warren Staley, chairman and chief executive officer. "Our entire organization has worked relentlessly to deliver on three fundamentals--more value for customers, greater innovation and higher performance. That effort is ongoing, and we're making progress toward our goals."