January 3, 2019 / 2:27 PM / 6 months ago

Cargill Inc sees sharp drop in net earnings, revenues amid trade fight

CHICAGO, Jan 3 (Reuters) - Grain trader Cargill Inc on Thursday reported a 20 percent drop in its fiscal second-quarter 2019 net earnings, amid global trade tensions, challenges in the Chinese hog sector and a struggling U.S. dairy sector.

The company’s net earnings on a U.S. GAAP basis for the quarter ended Nov. 30, 2018, were $741 million, a 20 percent decline from $924 million for the same period a year earlier.

Cargill’s second quarter revenues fell 4 percent, to $28 billion, bringing the year-to-date figure to $56.7 billion. The company’s quarterly adjusted operating earnings were $853 million, down 10 percent from $948 million. (Reporting By P.J. Huffstutter Editing by Chizu Nomiyama)

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