The world’s largest agribusiness has announced a 68 percent decline in profit during the third quarter, with net earnings of $326 million.
By Ellie Duncan
In the period ended February 28, the Minneapolis-based company saw earnings plummet from the record $1.03 billion recorded in the same period the prior year.
“Cargill’s earnings turned down in the third quarter as the troubles in the global economy and financial system arrived at our company’s doorstep,” said Greg Page, Chairman and CEO.
“When conditions reversed course in mid-2008, we began preparing for tougher times ahead. We cut expenses, decreased debt and curtailed nonbase capital spending, but we kept the focus on our customers who need a strong, reliable partner to help them provide more value to the customers they serve,” he added.
The company confirmed that the drop in earnings affected all its business segments as they experienced weaker demand and lower sales volumes.
In the first nine months, Cargill earned $3.01 billion, up 4 percent from $2.9billion a year ago.