Cargill's Q1 profits down from last year's record income

Agri-business giant Cargill posted first quarter net income of $571 million.

Profits were down about 40 percent from last year's record income of nearly $1 billion, when the company made profitable moves based on drought conditions. But company spokeswoman Lisa Clemens said this most recent first quarter was still among Cargill's best ever, despite volatile market conditions.

"Given the markets where we had just lots of gyrations in terms of what the harvest might look like in the fall, we are very happy with how we came through the quarter," Clemens said.

Nearly three-fourths of Cargill's business units recorded profits. Sales were flat at $34 billion.

The Minnetonka-based company serves the food, agricultural, financial and industrial sectors around the world, employing 142,000 people in 67 countries.