The agribusiness giant made nearly $1 billion in its latest quarter, quadrupling its results despite severe droughts in key growing areas.
Cargill Inc. posted its strongest quarter in more than a year on Wednesday, buoyed by cost reductions, acquisitions and improvements in many of its businesses.
The Minnetonka-based agribusiness giant, one of the world’s largest privately held companies, recorded fiscal first-quarter profits of $975 million, up from $236 million a year ago and a paltry — for Cargill, at least — $73 million in its fourth quarter.
Cargill, a huge commodities trader and maker of everything from chocolate to road salt, said all five of its main business units showed improved earnings during the quarter.
“This is an example of how our [diverse business] model can work in that it is designed to provide resilience and balance,” said Mark Klein, a Cargill spokesman.