FINANCIAL REPORT — Land O'Lakes Inc. has reported a 16% decrease in earnings for its first quarter, citing higher spending for advertising and promotion of new products across all businesses.
For its quarter ended March 31, Land O'Lakes reported net earnings of $71.558 million on revenues of $4.169 billion, compared with $84.641 million and $3.874 billion in its first quarter last year.
The company said its dairy foods segment experienced strong earnings for branded butter products and innovative new products such as Sauté Express Sauté Starter. It also noted that acquisitions such as the Kozy Shack line of premium refrigerated desserts have started to provide "significant" earnings.
Land O'Lakes said its feed segment, Purina Animal Nutrition LLC, showed improved results, although its egg segment, Moark LLC, was challenged by high feed costs and low egg prices.
Land O'Lakes said its crop input segment, Winfield Solutions LLC, continued to deliver good earnings.