Feed giant’s operating profit up by 19%
Aquaculture and animal feed producer Cargill has reported improved operating profits for the second quarter of its 2020 fiscal year.
Operating earnings for the three months ending November 30 were $1.02 billion, up 19% from $853 million in the same period the previous year. For the first half of the year, this brought adjusted earnings to $1.93bn.
Second-quarter revenues rose 4% to $29.2bn. Six-month revenues totalled $58.2bn, a 3% rise.
Adjusted operating earnings increased in Cargill’s Animal Nutrition and Protein segment, as well as in Industrial and Financial Services. They declined in Origination and Processing and Food Ingredients and Applications.
Cargill, which owns the EWOS brand, supplies salmon farmers in Scotland, Norway, Chile and North America, and tilapia and shrimp farmers in warmer countries.
Minneapolis-headquartered Cargill announced at the start of December that it had adopted a target of reducing greenhouse gas emissions in its global supply chains by 30% per ton of product by 2030.
The move complements the company’s previously announced goal to reduce emissions from operations by 10% on an absolute basis by 2025.
“Without bold and decisive action by all involved in the production of food, climate change will destabilise the food system,” said Cargill chairman and chief executive Dave MacLennan said.
“As with all areas of our business, we are innovating alongside our partners in the supply chain to make sure we can nourish a growing world for years to come.”