Dive Brief:
- Cargill saw a 33% profit uptick in its third quarter, hitting $425 million compared to $319 million the same period last year, the company reported today. Revenue dipped 11% to $28.4 billion.
- The company enjoyed a sizeable profit increase following "a wrong bet on energy futures," which prompted trading losses, reports Star Tribune. The animal nutrition and protein sector offered up the largest contribution for Q3 earnings.
- The company has had much to deal with, following U.S. crop prices declining last year while livestock prices increased.
Dive Insight:
"In volatile petroleum markets, we saw a rebound in our energy businesses, having gained momentum from strategic changes made in the prior fiscal year," said CEO David MacLennan in a statement.
The Wall Street Journal notes this is Cargill's second straight quarter of bigger profits following three quarterly earnings decreases in a row.
