Dive Summary:
- Food titan Cargill has reported a massive rise in its fourth quarter profits: from $73 million a year ago to $483 million this year.
- The company also reported its yearly earnings took a big step up from $1.17 billion last year to $2.31 billion this year.
- Cargill's origination and processing business was the biggest earner for the company. The food giant's ingredients business saw earnings rise while its animal protein business saw earnings decline.
From the article:
Cargill's commodity trading rivals Archer Daniels Midland and Bunge in the last two weeks have reported disappointing earnings for the quarter ended June 30, tied to short supplies of corn and soybeans due to the historic U.S. drought last summer. Crops have recovered this year and a bumper harvest is expected to start in September.
