Cargill posted a 13 percent increase in adjusted profits for its fiscal third quarter, despite weak conditions in commodity markets.

The Minnetonka-based agribusiness giant Thursday reported adjusted operating earnings of $476 million for the quarter ending Feb. 29, up from $421 million a year ago.

Net earnings, which include one-time gains and losses, were $459 million, up from $425 million a year ago.

Revenue fell 11 percent to $25.2 billion, reflecting lower commodity prices, the strength of the U.S. dollar and the sale of Cargill's pork business in the second quarter.

"With agriculture and energy markets as tough as we've seen in a long time, we're pleased with the gain in earnings achieved this quarter," David MacLennan, Cargill's CEO said in a statement.

Cargill's nine-month adjusted operating profit was down 2 percent, at $1.66 billion.

Global agricultural commodities prices have been low and stable over the past year, a product of large crops and minimal bad weather. That's not a good mix for a big grain trader and grain handler like Cargill.

"Barring weather events, we don't anticipate a near-term improvement in market conditions for agriculture," MacLennan said. "In these kinds of cycles, and we've been through them before, we focus on the levers under our control."

Cargill, the nation's largest privately held company, said it's creating a more "streamlined organization" and increasing efficiency in the operations of its plants and supply chain.

Debt analysts who cover Cargill have said they expect the company to be particularly cost-conscious in this environment.

The biggest contributor to Cargill's third-quarter profit was its food ingredients segment, with results up "appreciably" from a year ago, the company said. Ongoing efforts to "strengthen commercial and operational execution" was the driver.

Cargill said its earnings in grain origination and processing increased moderately from last year, despite large global stocks, weak prices and low volatility. Earnings in Cargill's meat and animal feed business decreased slightly in the third quarter, mostly due to weak conditions in the beef industry.

The company's smallest division, industrial and financial services, posted a loss in the third quarter. Overcapacity in the global shipping industry sent freight rates to historic lows, the company said. Cargill is one of the world's largest ship charterers.

Mike Hughlett • 612-673-7003