American agribusiness company Cargill has reported net earnings of $425m in the fiscal 2015 first quarter ended 31 August, down 26% from $571m in the year-ago period.
Revenues in the first three months totaled $33.3bn, a 2% change from last year's $33.8bn.
Cargill's president and chief executive officer David MacLennan said: "Although Cargill's first quarter was not as strong as last year, we had several areas of good performance and are optimistic about the opportunities ahead.
"This year's big crops, not just in North America but across agricultural production areas worldwide, will enhance food security after several years of weather disruptions. Our company is well positioned to connect these new supplies to growing demand."
Among Cargill's business segments, Origination & Processing was the largest contributor to first-quarter earnings. Food Ingredients & Applications earnings decreased moderately from last year owing to softer volumes experienced from sluggish economic conditions in a number of countries.
During the quarter, the company closed its beef harvest facility in Milwaukee, an outcome of the tight cattle supply brought about by producers retaining cattle for herd expansion.
The US beef cattle herd is at its lowest level since 1951. The ground beef plant at the site remains open to meet customer needs.
Also, Cargill will close its corn milling facility in Memphis, Tennessee, effective January 2015. Located away from the corn belt, the plant is underutilised. Its corn oil refinery will remain open and operate as a stand-alone facility.
