Cargill Inc., the privately-held agricultural and commodity trading company, reported Thursday a fiscal fourth-quarter net profit that rose to $347 million from $15 million a year ago, while adjusted operating earnings were $460 million, compared with last year's adjusted operating loss of $19 million. Revenue rose 4% to $28.3 billion. The company said results for the animal nutrition and protein business, the biggest contributor to operating earnings, were "up significantly," given "exceptional performance" in global protein. The second-biggest contributor to earnings, food ingredients and applications, also posted improved results. "The structural improvements we've made, as well as favorable conditions in some markets, have yielded strong results," said Chief Executive David MacLennan. "Although the environment continuously changes, we feel good about our underlying progress."
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.