Cargill reported net earnings of $424 million in the fiscal 2014 fourth quarter ended May 31, down 12% from $483 million in the year-ago period. Fourth-quarter revenues rose 2% to $36.2 billion.

A bright spot for Cargill was its Animal Nutrition & Protein segment, which showed significant earnings growth in the fourth quarter and the full year. Cargill’s beef business led the performance in animal protein, boosted by increased operating efficiency, good cattle feeding results in North America and brisk exports of Australian beef. U.S. pork operations rose on improved live production and processing efficiency, and steady demand. Poultry operations in Central America, Europe and Thailand posted higher earnings in both periods on a combined basis.

For the full fiscal year Cargill earned $1.87 billion, a 19% decrease from $2.31 billion in the prior year. Revenues declined 1% to $134.9 billion. Cash flow from operations totaled $3.77 billion, down 12% from $4.27 billion in fiscal 2013.

Cargill provides food, agriculture, financial and industrial products and services to the world.