Minneapolis-Cargill reported net earnings of $691 million in the fiscal 2010 fourth quarter ended May 31, compared with $327 million in the same period a year ago. Excluding earnings from its majority investment in The Mosaic Co., Cargill’s fourth-quarter earnings rose 87 percent, to $433 million. Fourth-quarter revenues were $28.1 billion, an 11 percent increase from $25.4 billion in the year-ago period. For the full fiscal year, Cargill earned $2.6 billion, a 22 percent decrease from $3.33 billion in the prior year. Excluding Mosaic, Cargill’s earnings rose 14 percent, to $2.07 billion. Full-year revenues were $107.9 billion, compared with $115.1 billion a year ago. Cash flow from operations was $4.6 billion, compared with last year’s $6.7 billion. All five of Cargill’s business segments recorded increased earnings in the fourth quarter. Three of the five segments posted improved results in the full year. Cargill said the agriculture services segment, which provides crop and livestock producers with farm services and products, was up significantly in the fourth-quarter and full-year periods. Results were lifted by the late, large North American harvest and by improved costs and volumes in global animal nutrition products and services. Industrial earnings rose considerably in the fourth quarter due to increased results from Cargill’s majority investment in Mosaic; full-year earnings from the Mosaic investment remained below the year-ago level. The rest of the segment posted improved results in fiscal 2010.
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