Cargill has announced that, beginning its latest earnings cycle, it will no longer publicly disclose quarterly earnings. Instead, the Minneapolis-based company said it would only reinstate a percentage of its annual revenue and operating cash flow.
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.” Find more...
Source: Online/SZK
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