Lisa Clemens, (952) 742-6405
Cargill Reports First Quarter Fiscal 2004 Earnings
MINNEAPOLIS — Cargill today reported $348 million in earnings from continuing operations for the 2004 first quarter ended Aug. 31, up from $345 million in the same period a year ago.
Net earnings in the 2004 first quarter were $347 million. In the prior fiscal year, first-quarter net earnings were $591 million, which included $246 million from two items: discontinued operations, including the sale of North Star Steel’s tubular steel division, and the adoption of new rules for goodwill accounting.
“We are pleased that Cargill’s results matched last year’s strong start,” said Warren Staley, chairman and chief executive officer. “It’s indicative of the collaborative work under way to use our company’s knowledge and experience to help our customers succeed.”
Staley said a diverse mix of Cargill businesses contributed to the company’s first-quarter performance, including improved earnings among its European and Latin American food ingredient businesses, egg and poultry processing units, and risk management and financial businesses. Other large contributors included animal nutrition, beef processing, sweeteners and the global grain and oilseed supply network.
During the quarter, Cargill acquired a major portion of a Canadian natural gas business, including contracts providing access to natural gas production, transportation and storage. The purchase complements Cargill’s existing natural gas trading and marketing activities and its ability to offer a broader range of energy and risk management solutions to producers and users of natural gas in North America.
The company sold its 50 percent interest in Midwest Lysine, a feed additives joint venture, to Degussa, its former partner.
Cargill, Incorporated is an international marketer, processor and distributor of agricultural, food, financial and industrial products and services with 98,000 employees in 61 countries. The company provides distinctive customer solutions in supply chain management, food applications, and health and nutrition. Based in Wichita, Kan., Excel is a leading provider of innovative meat solutions to customers worldwide.