Cargill profits drop from last year’s record as Mosiac falls

Cargill‘s first-quarter profits were down 65 percent, a drop the global food giant attributed to its investment in Mosaic Co. and last year’s record-high earnings.

Mosiac Co., which makes fertilizer and is majority owned by Cargill, announced earlier this month that its first-quarter profits were down 91 percent from a year ago, because farmers who previously stocked up bought less fertilizer.

Cargill CEO Greg Page called it a “solid quarter,” given that it’s being compared with last year’s all-time record period. He said management is optimistic about Cargill’s ability to grow despite the economy.

You can also learn about all our free newsletter options.

Comments (1)

  1. Submitted by Richard Schulze on 10/13/2009 - 07:26 pm.

    Mosaic’s gross margin for the fiscal 2008 fourth quarter was $1.3 billion, or 37.1% of net sales, compared with $456.2 million, or 27.1% of net sales, in 2007.

    Potash Corp’s third quarter net income rose 408%, to $1.24 billion ($3.93/share) for the fiscal year 2008, compared to the same year-ago quarter, exceeding the $1.1 billion earned in all of 2007

    Fertilizer companies made out like bandits last year. They will have to “suffer” through this year….

Leave a Reply