Dive Brief:
- Cargill reported fiscal 2015 second quarter earnings, which were $784 million, an increase of 41% year over year, and the first six months of the fiscal year yielded $1.21 billion for a 7% increase over the same time period last year.
- The largest contributor was the Origination & Processing segment due to record corn and soybean harvests, strong domestic and export demand, increased soybean origination, and other positive factors.
- Cargill also opened several new or expanded facilities during its second quarter, including one in Indonesia, where it plans to invest $1 billion for poultry and palm oil ventures over the next four to five years.
Dive Insight:
The news comes just weeks after Cargill shut down a Memphis plant (though a new one is being built), which cost 210 jobs, and reported it will not pursue acquiring Nutreco, a leading producer of salmon feed used in fish farms. In August, Cargill also expanded one of its research facilities. While some numbers and operative moves for Cargill have been mixed so far this fiscal year, the earnings report shows promise for the company.
