Minneapolis-Cargill Inc. reported $763 million in earnings from continuing operations in the fiscal 2011 third quarter ended Feb. 28, up 30 percent from $588 million in the same period a year ago. The company recorded $342 million attributable to its majority investment in The Mosaic Co. income now classified as earnings from discontinued operations following the two companies’ Jan. 18, 2011, announced agreement and upcoming closing of a split-off and orderly distribution of Cargill’s 64 percent ownership stake in Mosaic. Earnings from discontinued operations in the year-ago period were $310 million, of which $141 million was attributable to Mosaic. Cargill’s third-quarter net earnings totaled $1.11 billion, up 23 percent from $898 million in the prior year. In the first nine months, earnings from continuing operations were $2.29 billion, a 47 percent increase from a year ago. The addition of $1.19 billion in earnings from discontinued operations brought Cargill’s nine-month net income to $3.48 billion, compared with $1.91 billion in the year-ago period. Consolidated revenues excluding Mosaic rose 21 percent to $30.5 billion in the third quarter, bringing the total through the first nine months to $84.7 billion.
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