June 3, 2020 / 5:40 PM / a month ago

UPDATE 1-Cargill halts public reporting of quarterly results

(Adds details, background)

June 3 (Reuters) - Privately held U.S. agribusiness Cargill Inc 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 percent 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.

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 Co and Bunge Ltd are required to report quarterly results. (Reporting by Karl Plume in Chicago Editing by Chizu Nomiyama and Tom Brown)

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