Cargill Reports Third Quarter Profit

NEW YORK - Apr 12/06 - SNS -- Cargill reported net earnings of U.S. $370 million for the 2006 third quarter ended February 28, up from $366 million in the same period a year ago.

In the first nine months, Cargill's net earnings were $1.37 billion, all of which came from continuing operations. Those results were up 7 percent from $1.27 billion a year ago, excluding the one-time, noncash net gain realized last year related to the formation of The Mosaic Company.

Three of Cargill's five segments – risk management and financial, origination and processing, and food ingredients and applications, the latter led by the North American-based food ingredients businesses and the poultry businesses globally – delivered third-quarter earnings that exceeded the prior year's results.

Now in its fourth quarter, Warren Staley, Cargill chairman and chief executive officer, said Cargill was especially pleased to complete the purchase of Degussa's food ingredients operations and welcome its people to the Cargill team.

"Acquiring Degussa's food ingredients operations was a cornerstone investment in our strategy to become a leading provider of specialty ingredients that help our food customers respond to consumers' preferences for flavorful, nutritious and convenient food products."