CEDAR RAPIDS, Iowa (KCRG) - Cargill is reporting a 41% decrease in its fourth-quarter adjusted earnings. They totaled around $476 million, down from $809 million in the same quarter last year.
In a release, the company stated it faced global issues such as uncertainty in the relationship between China and the US and adverse weather. The company also announced a $50 million expansion project to poultry facilities in China. They will be switching their focus on the animal feed portion of the company. That is where they saw the most profit.
“Throughout the year, we faced a very challenging global business environment that slowed earnings. Still, we improved performance in several food and financial businesses and significantly reduced costs companywide,” said Dave MacLennan, Cargill’s chairman and chief executive officer.