Cargill Reports 7% Earnings Growth

MINNEAPOLIS - Apr 13/04 - SNS -- Cargill reported third quarter earnings of $259 million for the period ending February 29, up 7% from the $243 million earned during the same period last year.

Last year's third-quarter operating results were favorably affected by income from litigation settlements. Cargill also earned $12 million from discontinued operations, which brought net earnings for the 2004 third quarter to $271 million, an 11% increase from $244 million a year ago.

For the first nine months, earnings from continuing operations were $1.12 billion, up 25% from $902 million a year ago. An additional $13 million from discontinued operations brought Cargill's nine-month net earnings to $1.14 billion. Last year's net earnings of $1.15 billion included $247 million from discontinued operations and a required change in goodwill accounting.

"In a quarter filled with challenging developments in the grain and oilseeds, meat and poultry, ocean freight and energy markets, Cargill delivered a solid performance," said Warren Staley, chairman and chief executive officer. "Our team did a terrific job managing the changing supply-and-demand equation in the commodity markets, particularly the increased volatility and tighter supplies that accompanied the demand-led rise in raw material costs."

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