Cargill, Inc. reports $489 million in earnings for the fiscal 2010 second quarter ended November 30, 2009, down 59 percent from $1.19 billion in the same period in 2008. However, food ingredients and agriculture services segments, which include sweeteners, cocoa, flavors and edible oils, were both up significantly from last year, according to Lisa Clemens, director of investor relations for Cargill.

“Food ingredients is our largest in terms of number of business units, and it has over 40 businesses all over the world,” Clemens says. “Within that segment, our U.S. and European food based units are strongest, and that would include a number of ingredients that would go into candy and snack products.”

In the first six months, the company earned $1.01 billion, a 62 percent decrease from last year's record first half of $2.68 billion. However, Cargill's earnings were up by more than 50 percent through November compared with the past six months.

“Looking at the quarter, we saw a pickup in performance from the last half of last year, and we feel the company’s in very good shape to grow,” Clemens says.

Source: Candy&Snack Today