Five years ago when Cargill's James Bady attended InnovationUniversity, Cargill was just beginning to talk about how to create a culture of innovation. The pace picked up about two years later when Carol Pletcher was named Director of Innovation. Cargill has now become a hotbed of innovation and here's a short article from the Institute of Food Technologists newsletter: (also, Cargill will be presenting at Innovation Convergence 2005):
Cargill reports 18% increase in earnings
Agriculture processor Cargill reported net earnings of $230 million for the 2005 fourth quarter which ended May 31, up 18% from $195 million in the same period a year ago.
The company earned $2.1 billion during the 2005 fiscal year, including a noncash net gain of $578 million realized in the second quarter. Excluding the one-time gain, Cargill’s 12-month net earnings were $1.53 billion, up 15 percent from $1.33 billion a year ago.
Revenues for the full year rose 13 percent to $71.1 billion. Cash flow from operations increased 7 percent to $3.2 billion.
"Backed by strong performance across our diverse business and geographic operations, Cargill delivered increased earnings in fiscal 2005," said Warren Staley, Cargill chairman and chief executive officer. "Today’s results are a tangible sign of the progress achieved in our company’s strategy to become a recognized leader in creating food and agricultural solutions that help customers succeed."
Staley traced the year’s performance to Cargill’s development in 1999 of a new business model that called on the company to add proficiencies in supply chain management, food applications, and health and nutrition while continuing to grow its traditional strengths in trading, processing and risk management.
"Through our employees’ initiative, we undertook many changes that are making Cargill today a more customer focused, innovative, collaborative and higher performing company."
Among the contributors to Cargill’s earnings for the full fiscal year were its animal nutrition, beef, egg product, pork and poultry businesses worldwide; the risk management and financial segment; the global supply chain management network, which includes grain, oilseeds and other commodities and ocean shipping services; food ingredients in Europe; the U.S.- and Latin American-based salt businesses, which manufacture products for food, road deicing and other uses; and the U.S.- and Canadian-based agriculture services units.