NEWS
Cargill Earnings Fall 28%
Tue Apr 8, 2014 11:20 AM CDT

(Dow Jones) -- Cargill Inc. on Tuesday said its fiscal third-quarter profit fell 28%, as a power-trading loss weighed on the commodities giant's results.

The company said an "unprecedented price spike" in U.S. power markets in January led to the unspecified trading loss, part of which it has since recovered. Energy industry publication SparkSpread.com in February reported the loss was about $100 million, but Cargill later said the figure was inaccurate.

Cargill, whose businesses include grain trading and processing, meatpacking, and salt mining, reported net earnings of $319 million for the quarter ended Feb. 28, down from $445 million a ...

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