Minneapolis-Cargill Inc. reported earnings from continuing operations of $744 million in the 2008 fourth quarter ended May 31, up 18 percent from $628 million in the same period a year ago. A $310 million gain on the sale of discontinued operations brought fourth-quarter net earnings to $1.05 billion. For the full fiscal year, Cargill earned $3.64 billion from continuing operations, a 55 percent increase from $2.34 billion a year ago. The $310 million gain noted above brought fiscal 2008 net earnings to $3.95 billion. Revenues for the full year rose 36 percent, to $120.4 billion. Cash flow from operations increased 77 percent, to $7 billion. “Cargill posted a record financial performance in a year of exceptionally strong commodity demand, market turbulence and price risk,” said Greg Page, Cargill chairman and CEO. “By bringing to bear our business diversity, the full capacity of our global assets, strong risk management and a significant increase in capital deployed, we operated successfully in the most volatile agricultural and energy markets in decades. Despite tight stocks of many agricultural commodities, we maintained reliable supply chains for our customers and created value-adding solutions.” Page said Cargill’s investment in the fertilizer industry also contributed significantly to company results. Since 2006, global demand for crop nutrients has surged in response to the world’s increased need for higher crop yields to meet rising demand for food and agricultural commodities. Cargill is the majority stakeholder in The Mosaic Co. Page said the world has the means to give agriculture the chance to catch up with demand. “If markets are allowed to work, today’s prices can spark a supply response from farmers. A rekindling of public and private investment in agriculture and in rural infrastructure will drive productivity gains.”
Transparency Across the Fertilizer Value-Chain