The company recorded $342m attributable to its majority investment in The Mosaic Company – income now classified as earnings from discontinued operations following the two companies’ 18 January 2011 announced agreement and upcoming closing of a split-off and orderly distribution of Cargill’s 64% ownership stake in Mosaic.
Earnings from discontinued operations in the year-ago period were $310m, of which $141m was attributable to Mosaic. Cargill’s third-quarter net earnings totalled $1.11bn, up 23% from $898m in the prior year.
In the first nine months, earnings from continuing operations were $2.29bn, a 47% increase from a year ago. The addition of $1.19bn in earnings from discontinued operations brought Cargill’s nine-month net income to $3.48bn compared with $1.91bn in the year-ago period.
Consolidated revenues excluding Mosaic rose 21% to $30.5bn in the third quarter, bringing the total through the first nine months to $84.7bn.
Read the full Cargill financial statement at this link.
Source: Cargill
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