Dive Brief:
- Cargill reported a net loss of $51 million in the fiscal 2015 fourth quarter ended May 31, compared with earnings of $376 million in the same period a year ago. Fourth-quarter revenues were $28.4 billion, compared with $36.2 billion in the year-ago period.
- For the full fiscal year, Cargill earned $1.58 billion, a 13 percent decline from $1.82 billion in the prior year. Revenues dipped 11 percent to $120.4 billion. However, cash flow from operations hit $3.82 billion, a 1 percent increase from fiscal 2014.
- "The economic environment remains sluggish in many emerging markets where we have invested significantly over the past several years," said David MacLennan, president and CEO. "Even so, we aim for growth and profitability through these cycles. We are moving forward with good progress on changes begun last year to optimize the business portfolio, reduce costs and increase operational effectiveness."
Dive Insight:
MacLennan said the company’s business segments; food ingredients and applications, animal nutrition and protein, origination and processing and industrial and financial services were profitable. The loss in the three-month period is linked to corporate level charges, including an asset impairment related to the enterprise resource planning system and an additional charge related to foreign currency.
