Cargill to stop issuing quarterly financials

MINNEAPOLIS — Cargill has announced that, starting with its latest earnings cycle, it will no longer publicly disclose quarterly earnings. Instead, the Minneapolis-based company said it only will share publicly its annual revenue and percent of operating cash flow that is reinvested back into the company.

Cargill said the move will take effect with its next earnings cycle, which will be announced July 16 and represents the end of the company’s fiscal year. Cargill skipped the release of its third-quarter financials at the end of March. At the time, the company said the decision reflected its desire to shift its focus back toward its customers and feeding the world during the early stages of the coronavirus outbreak.

“Cargill is a company focused on long-term growth and investment that benefits our customers, employees and communities,” the company said. “We are now aligning our reporting practices to those goals. As a private organization, it’s also fiscally responsible to limit the costs needed to publicly report short-term financial performance. We prefer to invest in sharing market insights and progress against our strategic priorities. Short-term financial performance — especially in volatile commodities markets — doesn’t reflect our long-term focus, nor is it representative of where we are going.”

As it undertakes the change in the reporting process, Cargill said it will continue to share the appropriate financial information to its stakeholders, including investor and lender audiences, as well as its customers and governments around the world.

Cargill also reaffirmed its commitment to its customers, saying it will hold itself accountable and remain transparent about what it is doing and how it is doing it. The company said it plans to continue sharing its annual report, provide regular updates on progress against goals and targets it has set across sustainability, investments, growth and culture and discuss market challenges and opportunities.

“Our decision to refocus away from public reporting of quarterly financial performance is an enterprise-wide decision and does not stem from our company’s performance over the last quarter or year,” Cargill said. “We will share in July our annual revenue for the latest fiscal year.”

Source link


Assam Flood Situation Improves; 2 More Die, 9.68 Lakh Affected

The flood situation in Assam continued to improve on...

Kate Middleton and Meghan Markle’s top polo outfits side-by-side

Over the course of their married lives, both Meghan...

Why are UK cinemas banning fans in suits from ‘Minions: The Rise of Gru’

Some young UK fans wearing suits to showings of...

British Prime Minister is grilled by Parliament following the resignation of multiple cabinet officials

British Prime Minister is grilled by Parliament following the...

Belgium green-lights treaty that would allow convicted terrorist to be sent back to Iran

The Belgian parliament on Wednesday took a first step toward the ratification of a treaty with Iran, which could allow an Iranian convicted of...

Lavrov accuses France of breaching ‘diplomatic etiquette’ over release of Macron-Putin call

Russian Foreign Minister Sergey Lavrov said that the publication of a call between French leader Emmanuel Macron and Russian President Vladimir Putin, which took...