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.

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….

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