Cargill Reports Second-quarter Results

Cargill today reported financial results for the fiscal 2018 second quarter and first half ended Nov. 30, 2017. Key results include:

• Adjusted operating earnings totaled $948 million, an 8 percent decrease against last year’s strong comparative of $1.03 billion.
• For the first half, adjusted operating earnings stood at $1.84 billion, down 1 percent from last year.
• Net earnings for the quarter on a U.S. GAAP basis were $924 million, down 6 percent from $986 million a year ago. First-half net earnings increased 3 percent to $1.9 billion.
• Second-quarter revenues rose 8 percent to $29.2 billion, bringing the year-to-date figure to $56.5 billion.

嘉吉董事长兼首席执行官戴维·麦克伦南（David Maclennan）表示：“即使在我们的全球市场各不相同的情况下，我们仍将通过作为一家人才，资产，见解和解决方案组合的综合公司而获得更大的好处。”

他指出，在本季度，该公司宣布了超过10亿美元的商定收购，合资企业和新设施投资。“得益于我们最近出色的表现的结果，我们正在以使我们的团队能够为客户取得更多成就并领导增长的方式进行投资。”

段结果

调整后的运营收入Animal Nutrition & Protein去年的第二季度险些超过了强劲的。动物营养收入在全球业务中增长，由预混合物和饲料添加剂领导。北美的蛋白质导致在较强的比较时期略有下降。随着牛成本上升，对牛肉的零售需求仍然很快，美国牛肉出口也是如此。美国土耳其商业的季前营销在感恩节假期之前推动了全鸟的销售。该部门的全球家禽业务落后于去年同期，因为东南亚部分地区的良好表现被其他地方的较低的收入所抵消。总的来说，动物营养和蛋白质是第二阶段调整经营收入的最大贡献者。

嘉吉公司完成了几项itions in December that expand its focus on animal micro-nutrition. It purchased Cedar Rapids, Iowa-based Diamond V, a developer and manufacturer of natural feed additives, known as microbials, which improve animal health and performance by optimizing digestive function and immune strength. The acquisition complements Cargill’s recently formed partnership with Austria’s Delacon, a leading maker of natural, plant-based feed additives. Both investments support the market shift toward sustainable, natural feed ingredients that improve animal health and embrace changing consumer values.

The company also acquired Brazilian cattle feed producer Integral Animal Nutrition. It specializes in free-choice minerals that help grazing cattle meet their nutritional needs. Cargill bought full ownership of its premix joint venture in South Africa, which increases the company’s presence in a region where protein demand is growing.

在家禽中，嘉吉与位于英国的Faccenda Foods成立了合资企业。完成后，该合资企业将为该国的食品零售商和食品服务公司提供新鲜的鸡肉，火鸡和鸭子。关于有机增长，嘉吉将在田纳西州纳什维尔的熟肉厂投资1.46亿美元。新的支出获得了去年的收购，将使该工厂的披萨浇头能力增加一倍，并为Pepperoni生产设施的建设提供资金。这两个项目将分别于2018年中和2019年中期进行。

收入Food Ingredients & Applications大部分时间都在上升，大多数该部门的食品成分业务在本季度发布了良好的收益。可可和巧克力产品，用于酿酒厂的麦芽，酿酒师和食品制造商，以及用于食物和其他应用的甜味剂和淀粉导致大多数地区。该部门的亚洲业务也为该季度做出了巨大贡献。盐的结果比上一年下降，部分原因是两次温和的北美冬季后，除去的产品的销量较低。除了除法和其他工业应用外，该业务还为食品制造商提供各种盐分和还原产品的产品。

起源与处理was down moderately from last year’s second quarter, as another year of very large U.S. corn and soybean crops added to the buildup in global stocks. Although global demand continues to grow, today’s abundant supplies have weighed on markets, diminishing volatility and trading opportunities. Even so, trading performance in North America was ahead of last year as was oilseed processing in Asia.

该细分市场专注于部署技术，这些技术将更好地连接其全球运营，增强交易分析和风险管理，并增加供应链的可持续性 - 能够为客户带来额外价值的能力。支持这项工作是对新设施的选择性投资。该公司开始在堪萨斯州的威奇托建造一个耗资9000万美元的生物柴油设施，标志着其在美国的第三个这样的工厂，该工厂将于2019年初开业，将允许Cargill更好地为中西部和西南部的生物燃料生产商提供服务为美国大豆生产创造额外的消费流量。

结果是Industrial & Financial Services在资产管理投资的收益增加以及海洋运输中的利润提高的情况下，前一年领先于上一年。贸易和结构性融资在较强的比较时期略有上升。它提供了为在新兴市场和发达市场开展业务的公司提供促进贸易和减轻与贸易有关的风险的财务解决方案。12月下旬，嘉吉（Cargill）完成了将其美国金属业务出售给日本钢铁贸易商和分销商Metal One。通过其生物燃料，金融风险管理，金属和运输业务，嘉吉仍然活跃于能源和亚铁市场。

积极影响的新解决方案

许多项目表明，嘉吉如何在供应链中推动可持续性和可持续性。在本季度，土耳其业务的一名飞行员使用区块链技术来跟踪从农场到感恩节桌的金银花怀特犬，为某些市场中的消费者提供有关养育各个动物的农场的信息。在加拿大，嘉吉（Cargill）正在推出一名飞行员，以追踪和验证完全认证的牛肉供应链，该牛肉供应链符合加拿大圆桌可持续牛肉的标准。通过该计划，客户将获得全面审核的牛肉，而农民和牧场主将因参与而获得财务信贷。嘉吉的可可业务发布了最新可可Promise报告，庆祝Cargill Cocoa的五年承诺，这有助于确保几代人的充满活力的可可行业。

Cargill还开发了满足消费者对更健康，更简单食品的偏好的不断变化的产品。新的SIMPURE™系列中的第一个产品将木薯和马铃薯淀粉混合在一起，使食品制造商具有相同的口味，质地，外观和稳定性，并具有简化，易于理解的标签。在不久的将来，有更多的sippure产品计划到达市场。在12月，嘉吉的可食用油业务宣布了下一代的高油菜油菜油的清晰谷®线，其饱和脂肪比以前的产品少35％。新产品将继续提供与食品成分和快速服务餐厅客户相同的口味和性能，并将于2018年初提供。

麦克伦南说：“我们今天正在建立业务，这将为我们的客户和消费者提供明天寻求的产品和解决方案。”“我们对如何产生积极影响并增加消费者信任的思考有所不同。”

Explanation of non-GAAP financial measure

Cargill reports financial results in accordance with U.S. generally accepted accounting principles (GAAP). The company additionally reports adjusted operating earnings, a non-GAAP financial measure that management believes provides additional insight into the underlying financial performance of ongoing operations. In calculating adjusted operating earnings, Cargill includes earnings and losses from non-controlling interests, with the exception of those from its asset management business. Mark-to-market gains and losses on intercompany contracts between the Origination & Processing and the Food Ingredients & Applications segments also are included. Cargill excludes the following six items: timing differences related to inventory, derivatives and hedging; last-in, first-out (LIFO) inventory adjustments; amortization of intangible assets; gains and losses on changes in investment structures; asset impairment and restructuring charges; and gains and losses on disposals of businesses and other long-term assets. For more information, visithttps://www.cargill.com/about/financial-information.