Cargill swings to profit in fourth quarter on strong meat demand

Cargill Inc swung to a profit in the fourth quarter on strong demand for beef and poultry and solid U.S. grain exports, the global commodities trader reported on Thursday.

The privately held company said adjusted operating earnings rose to $460 million in the quarter ended May 31, compared with a net loss of $19 million a year earlier.

Excluding one-time items, Cargill reported quarterly net income of $347 million, from $15 million in the same quarter a year earlier.

Revenue rose 4 percent to $28.3 billion.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)