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World Biofuels Symposium
November 13-15, 2005
Beijing, China

2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
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February 5-8, 200
San Diego, California
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February 20-22, 200
Las Vegas, Nevada, USA
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June 20-23, 200
Milwaukee, Wisconsin, USA

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Posted on  

August 15, 2001

Cargill fiscal 2001 earnings fall 25 percent

Agribusiness giant Cargill Inc. said on Tuesday that fiscal 2001 earnings fell 25 percent as the U.S. economic slowdown, weakness in farm services and overcapacity in flour, juice and steel hurt results.

Cargill, the largest privately held company in the United States and chief competitor to commodity processor Archer Daniels Midland Co. (ADM.N), reported net earnings of $358 million for the fiscal year ended May 31, compared with $480 million in the prior year.

The company said a strong U.S. dollar and country-specific events such as a currency devaluation in Turkey pared net earnings for the fiscal year. Higher energy costs were also a significant factor, Cargill said.

However, the run-up in energy prices also increased demand for ethanol and for the seamless pipe products produced by its unit North Star Steel and that are used by the oil and natural gas industries, Cargill added.

"We have been diversified across a broad range of agribusiness activities and we are going to continue to be, but we have sharpened our focus some in the past year," Chief Financial Officer Robert Lumpkins told Reuters in an interview.

Cargill said on Friday that it would increase ethanol production by 8 million gallons to about 118 million gallons a year and form marketing alliances with other producers to meet expected rising demand in California and the Northeast.

ADM, the No. 1 ethanol producer, said in July that it expected its production of ethanol to reach an annual rate of 950 million gallons by late in the year.

Revenue rose 4 percent to $49.4 billion for the year from $47.6 billion in 2000.


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