The company said its Animal Nutrition & Protein business was the largest contributor to adjusted operating earnings in the fourth quarter and full year.The North American protein business continued to see strong consumer demand in the fourth quarter for beef at retail and for egg products from foodservice customers. Export demand for beef also was brisk.Poultry posted higher earnings for the year, with increased exports of cooked chicken from Southeast Asia, higher fresh chicken sales in Europe and improved performance in China.Animal nutrition, which makes up the rest of the segment, saw earnings rise in the fourth quarter, as favorable trading and cost reductions offset the impact of environmental and market conditions that tempered feed demand in several countries.Full-year recap
In protein, Cargill sold four U.S. cattle feedyards and an egg processing facility in Canada. It purchased Five Star Custom Foods in Fort Worth, Texas, which specializes in cooked protein products. It also converted a major facility in Columbus, Nebraska, from fresh to cooked meats.The company formed poultry joint ventures with leading food companies in Indonesia and the Philippines, and began expanding its own poultry processing capacity in Thailand. At the start of fiscal 2018, Cargill acquired Pollos El Bucanero, one of Colombia's leading producers of chicken and processed meat products.To drive improved financial performance, Cargill said it has:
-- Set a strategic direction to be the leader in nourishing the world in a safe, responsible and sustainable way.
-- Continued building differentiated capabilities for future growth, including digitalization and analytics, and sustainable supply chains.
-- Reshaped its business portfolio through $1 billion of investment in strategic acquisitions, joint ventures, and new or expanded facilities, as well as $700 million in divestitures of non-strategic assets.
-- Repurchased about $2.1 billion in long-term debt, which will lower future interest expense.