Reuters — Privately held U.S. agribusiness Cargill said on Wednesday it will no longer issue public releases on quarterly earnings, halting the disclosures that the company has provided since 1996.
Cargill, the largest privately held company in the United States, said it will continue to publicly disclose annual revenue and the percentage of operating cash flow that is reinvested back into the company.
The decision to halt the quarterly releases, which provided insight into Cargill’s segment-by-segment performance, was made to limit costs and to focus resources on long-term strategic priorities, spokeswoman April Nelson said.
Read Also
China soybean imports hit record June high on strong Brazil shipments
China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed on Monday, driven by a surge in shipments from top supplier Brazil.
Volatile commodities markets can also skew quarterly results and inaccurately reflect company performance, she said.
The company will continue to regularly report its performance to its lenders and investors, she said.
Cargill canceled its third-quarter earnings release in March amid the worsening coronavirus pandemic, the first time such a release was canceled since the company began reporting quarterly earnings in 1996. The company will disclose annual revenue next month for the latest fiscal year.
Cargill’s publicly traded rivals Archer Daniels Midland and Bunge are required to report quarterly results.
— Reporting for Reuters by Karl Plume in Chicago.
