Minneapolis-based Cargill said its earnings rose 55 percent this fiscal year compared to a year ago, aided by strong grain and fertilizer prices.

The privately held diverse agricultural giant reported earnings from continuing operations of $744 million in its fiscal 2008 fourth quarter ended May 31, up 18 percent from $628 million in the same period a year ago. A $310 million gain on the sale of discontinued operations brought fourth-quarter net earnings to $1.05 billion.

For the full fiscal year, Cargill earned $3.64 billion from continuing operations, a 55 percent increase from $2.34 billion a year ago. Revenues for the full year rose 36 percent to $120.4 billion.

"Cargill posted a record financial performance in a year of exceptionally strong commodity demand, market turbulence and price risk," said Greg Page, Cargill chairman and chief executive officer, in a news release. "Despite tight stocks of many agricultural commodities, we maintained reliable supply chains for our customers and created value-adding solutions."

Page said Cargill's investment in the fertilizer industry also contributed significantly to company results. Since 2006, global demand for crop nutrients has surged in response to the world's increased need for higher crop yields to meet rising demand for food and agricultural commodities.

Among Cargill's five business segments, fourth-quarter and fiscal-year earnings were led by the origination and processing segment and the industrial segment (which includes its fertilizer business), both of which were up substantially from the same period a year ago. Earnings in agriculture services, food ingredients and applications, and risk management and financial were below the year-ago levels for the three segments.

By Janie Gabbett on 8/19/2008 for Meatingplace.com