Cargill CEO Greg Page calls the year “a tale of two halves.”
The Minnesota-based food giant issued its year-end results today. The company posted record results through November. Then the world economy collapsed, and with it went Cargill’s momentum. It still managed a $3.3 billion profit for the year.
In the company’s statement, Page said the company entered the downturn with a strong balance sheet and it acted quickly to cut costs and decrease the use of debt and capital. “[T]he net effect was the second-best year in our company’s history.”
It’s not betting on a quick rebound. “The path to economic recovery may well be uneven,” Page said, “but Cargill remains optimistic.”