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Cargill Fiscal First-Quarter Earnings Rise 66%

Cargill Inc. reported a 66% jump in profits for its most recent quarter, driven by expanding beef supplies and consumers’ rising appetite for burgers and steaks.  A rebound in the Minnesota agricultural conglomerate’s U.S. meat business, also lifted by chicken and turkey sales, helped raise Cargill’s net earnings to $852 million for the fiscal first quarter, even as sales declined slightly. Cargill said the results illustrated how a wide-ranging revamp of its voluminous business portfolio is paying off. Over the past two years, Cargill has shuttered plants, shed assets and spun off operations while acquiring new processing capabilities and investing in higher-profit meat and ingredient businesses, following several years of sliding profits.

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The Wall Street Journal
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