Lisa Clemens, Cargill, 952/742-6405
Cargill reports first-quarter 2002 earnings
MINNEAPOLIS -- Cargill today reported $288 million in earnings for the 2002 first quarter ended Aug. 31, compared with $172 million in the same period a year ago.
"Cargill's first-quarter 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."
Staley noted that Cargill's earnings improvement was broad based. Results were led by the global grain and oilseeds, financial, beef processing and newly expanded animal nutrition businesses. Its European and North American food ingredient businesses also delivered better results overall, as did egg further processing and most poultry product units. Some areas, including fertilizer and steel production, remained challenged by structural difficulties in their industries.
The integration of feed maker and marketer Agribrands International, which was purchased in the fourth quarter of fiscal 2001, proceeded smoothly. Cargill completed two more strategic acquisitions in the first quarter: Milwaukee-based Emmpak Foods, a leading producer of value-added meat products, and Rocco Enterprises, a branded maker and marketer of turkey products that serves food service and retail customers in the eastern United States.
Cargill remained cautious about the global outlook. "The tragic events of Sept. 11 have significantly heightened uncertainty in an already weak world economy," said Staley. "We intend to continue serving customers with solutions that help them thrive in spite of these difficult times."
Cargill is an international marketer, processor and distributor of agricultural, food, financial and industrial products and services with 90,000 employees in 57 countries. The company provides distinctive customer solutions in supply chain management, food applications and health and nutrition.