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Published August 17, 2010, 03:45 PM

Cargill doubles profits in fourth quarter

MINNEAPOLIS — Global agribusiness company Cargill says fourth-quarter net income more than doubled as ingredient costs fell and consumer demand began to strengthen. Full-year profits, however, are still lagging behind last year.

MINNEAPOLIS — Global agribusiness company Cargill says fourth-quarter net income more than doubled as ingredient costs fell and consumer demand began to strengthen. Full-year profits, however, are still lagging behind last year.

Cargill, which processes and ships grain and produces pork and beef, said Tuesday its final-quarter net earnings of $691 million are from $327 million last year. Excluding profits from the majority stake Cargill took in fertilizer maker Mosaic Co., net earnings for the quarter were $433 million, up 87 percent from last year.

Cargill Inc. is not publicly traded, and the Minneapolis company only releases limited financial results each quarter.

The company said fourth quarter revenue jumped 11 percent to $28.1 billion.

For the year, Cargill’s net income fell 22 percent to $2.6 billion, down from $3.33 billion.

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