Seeing balanced increases across most of its business, Cargill has released its Q1 report for 2017 in tandem with a new product line announcement.
"We posted a strong start to the new fiscal year," said David MacLennan, Cargill's Chairman and Chief Executive Officer. "We've been charting a new path to higher performance, and it's rewarding to see the many changes we've made resulting in gains across much of the company."
The company stated in a press release that its first quarter ended on August 31 of this year, and saw the following notable movement in comparison to last year’s results for this time period:
Cargill noted that the variance between its adjusted and net earnings was largely due to timing differences in association with inventory, derivatives, and hedging. MacLennan also asserted that Cargill’s recent acquisitions have allowed the company to improve its efficiency, supply chains, and cost structures.
"These actions are making us more competitive and equipping us to serve a broadening range of customer needs," continued MacLennan.
Cargill also reported that its Animal Nutrition & Protein segment saw results that were a steep increase from last year’s results, noting profitability led by the beef business and aided by poultry. Earlier this year, Cargill acquired Five Star Custom Foods to expand its protein portfolio.
Other noted increases to the company’s financial offerings were earnings for its Origination and Processing segment, improved earnings in Food Ingredients & Applications, and additional profits in Industrial & Financial Services.
Cargill intends to keep a focus on sustainability, food security, and nutrition to further its growth, including foreign markets as well with a new partnership with Qingshen in southwestern China.
Cargill also announced a new Regal™ line of bakery shortenings that the company will unveil during the International Bakery Innovation Expo. The line includes an Icing, Donut Fry, Puff Pastry, Cake & Icing, and All-Purpose Shortening.
"We have been providing shortenings to the bakery industry for a long time," said Janet Bones, R&D Vice President for Cargill Global Edible Oil Solutions. "However, we took a hard look at our portfolio and saw opportunities to better meet the needs of our bakery customers. These five products represent the beginning of our journey, as we have additional innovative offerings in our pipeline."
The company stated that it will continue to feature insights from its customers cultivated alongside its experts at Cargill’s Minneapolis-based Innovation Center to develop and customize solutions for consumers.
As the company continues to innovate and expand, count on Deli Market News for the latest.