Cargill: reports second-quarter fiscal 2009 earnings

Minneapolis / MN. (cg) Cargill Inc. reported net earnings of 1,19 billion USD in the 2009 second quarter ended November 30, up 25 percent from 954 million USD in the same period a year ago. In the first six months, the company earned 2,68 billion USD, up 43 percent from 1,87 billion USD a year ago. As in recent past quarters, Cargill´s investment in the fertilizer industry through its holdings in The Mosaic Company was a significant contributor to company results. Excluding earnings from that investment, Cargill´s second-quarter results were moderately below the year-ago level and, in the first half, just under the same period a year ago – the company said in a statement.

Greg Page, Cargill chairman and chief executive officer: «The global financial system was under significant stress, energy and agricultural commodity prices fell sharply, and recessionary risks took hold in developed economies in a worsening global economic environment. Because of Cargill´s focus on market fundamentals and risk management, we were able to work our way safely through exceedingly volatile conditions». Page said the company´s strong balance sheet allowed uninterrupted access to short-term credit markets. «Based on these strengths, we remained a reliable supplier and solid supporter of our customers´ businesses» (press release).

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