020435 Cargill: 3Q Earnings Surge 63%April 30, 2002Minnetonka, MN - Cargill Inc. said that its third-quarter earnings surged 63 percent on strong performances by most of its businesses. For the quarter ended Feb. 28, Cargill earned $161 million, up from $99 million a year earlier. For the first nine months of fiscal 2002, Cargill earned $683 million, up 53 percent from $445 million a year earlier. The privately owned company did not release other quarterly performance figures, as per its usual practice. "The majority of our food ingredient businesses in Europe and North America, animal nutrition at home and abroad, the egg, pork and poultry processing units, and the export-oriented grain and oilseeds businesses delivered improved results from a year ago," said Warren Staley, chairman and chief executive. The company said earnings were below last year's level for its beef processing business due to the slower U.S. economy and weaker exports for beef and beef byproducts. Cattle feeding losses, however, were reduced from the second quarter. Staley said Cargill's earnings were hurt by currency devaluation and deepening economic problems in Argentina, but that the company's financial businesses produced strong results. Lower energy costs also contributed to higher company earnings overall, he said. Minnetonka-based Cargill, one of the world's largest privately owned companies, processes, sells and distributes agricultural, food, financial and industrial products. It has about 90,000 employees in 57 countries.
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