Wayzata, Minnesota-based agricultural corporation Cargill announced its earnings for its Fiscal Year 2018 Q2 results on Wednesday. The multi-sectoral company, the largest privately-held entity in the US, stated that adjusted operating earnings amounted to $948mn in Q2 FY 2018, up 14.6% from Q1 FY 2018 but down 8% compared to the same period a year prior.
Earnings in the Origination and Processing sector declined YoY, which Cargill attributed to large stocks of soybean and corn suppressing volatility and opportunities for trade. Despite this, North American trade performance and Asian oilseed processing excelled compared to the same period last year.
In addition, Cargill recalled that it had begun constructing its third biodiesel facility in the US, slated for opening in early 2019. Cargill asserted that the $90mn facility, located in Wichita, Kansas, will help stimulate US soybean demand and more effectively cater to biodiesel producers in the Southeast and Midwest.
Revenues in Q2 FY 2018 jumped 8% on Q1 to $29.2bn, now totaling $56.5bn through both quarters. Cargill specializes in food, agriculture, financial, and industrial products and services, with 155,000 employees in 70 countries.