Cargill reports 41 percent drop in quarterly earnings

CHICAGO Wed Oct 9, 2013 9:23am EDT

CHICAGO Oct 9 (Reuters) - Giant U.S. agribusiness concern Cargill Inc on Wednesday reported a 41 percent drop in quarterly profits as the lingering effects of the 2012 severe drought in the United States reduced grain-handling opportunities.

Minneapolis-based Cargill, one of the world's largest privately held corporations and a top commodities trader, reported $571 million in net earnings for the first quarter ended Aug. 31, down from last year's record quarter of $975 million.

First-quarter revenues of $33.8 billion matched the year-ago period.

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