001054 Cargill Reports 15% Increase

Minnetonka, MN - Cargill Inc., a major privately-held agriculture company, reported a 15% increase in quarterly earnings Tuesday on strong showings in its beef processing and financial businesses.

Cargill reported earnings of $172 million for its first fiscal quarter ended Aug. 31, up from $150 million in the same period last year.

“We opened the 2001 fiscal year with our best start in four years,” said Chief Executive Warren Staley.

Good supplies of cattle coupled with strong domestic and export demand boosted beef processing results, he said. Successful trading and risk management in the global petroleum and sugar markets also helped boost earnings.

Oversupply in the global grain and oilseeds markets continued to dampen earnings in those businesses, but there are signs that demand is slowly increasing, Staley said.

Reinvigorated demand is a key to a healthier agricultural sector, Staley added.

Minnetonka-based Cargill, one of the world's largest privately owned companies, processes, sells and distributes agricultural, food, financial and industrial products. The company has about 85,000 employees in 60 countries.

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