This one is almost two easy but we’re doing a headline writing contest for this. The best headline left in comments will win Joe Weisenthal’s personal copy of The Black Swan. It’s only half-read, so it’s in great shape. (We haven’t asked him about this yet but we’re pretty sure he’ll give it away.)
Already taken: “Bullshit Boosts Cargill,” “In A World Of Bullshit, Cargill Is King,” and “Global Economy Goes To Shit, Cargill Cleans Up.”
Here’s the news, courtesty of the Wall Street Journal.
“Cargill Inc. posted a 62% jump in fiscal first-quarter net income, benefiting from strong global demand for crop nutrients and its majority stake in fertiliser producer Mosaic Co.
Closely held Cargill, which is the world’s largest agribusiness company by sales, said net income rose to $1.49 billion in the quarter ended Aug. 31, from $917 million a year earlier. Revenue figures weren’t provided.
Chairman and Chief Executive Greg Page credited the company’s “attention to measuring and managing risk, and exercising fiscal discipline” for its strong performance amid volatile commodities markets. He said the Minneapolis-based company also received a “substantial boost” from its stake in phosphate and potash producer Mosaic.
Mosaic, which Cargill sold a portion of through a 2004 initial public offering, said earlier this month that its fiscal first-quarter net income nearly quadrupled amid strong demand. But the company set off alarm bells when it said prices of phosphate were levelling off.
Cargill is involved in almost every stage of food production, from farm feed to meat and poultry products, while providing financial services along the way.
The company didn’t break out segment results, but said its industrial business led the earnings increase, amid “continued demand for crop nutrients in response to the world’s increased need for higher crop yields.” It also said earnings from sourcing, processing and distributing agricultural commodities and providing supply chain and risk management services rose “significantly,” while agriculture-services earnings dropped “slightly,” largely reflecting asset sales a year earlier.”
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