Linda Thrane , Cargill (952) 742-6218
Cargill earns $4 million in 1998-99 first quarter
MINNEAPOLIS -- Cargill today reported $4 million in earnings for the first quarter ended Aug. 31, compared with $93 million for the same period a year ago.
First quarter earnings were reduced by trading losses incurred in turbulent world financial markets, the majority in Russia. Weakened demand in Asia and other emerging markets for agricultural and food products depressed commodity prices and contributed to the decline.
"As a global company, Cargill is not immune from the financial turmoil that has engulfed much of the world," said Robert Lumpkins, Cargill's vice chairman and chief financial officer. Despite the instability in world markets, several of the company's commodity trading and processing businesses performed well, Lumpkins said. "These are tough times for global companies, but Cargill's core businesses and geographic reach continue to be a source of strength," he said.
Cargill is an international marketer, processor and distributor of agricultural, food, financial and industrial products with some 80,600 employees in more than 1,000 locations in 65 countries and with business activities in 130 more.