Land O'Lakes posts Q3 resultsLand O'Lakes posts Q3 results
November 20, 2015
LAND O'Lakes Inc. recently reported net sales of $2.62 billion and net earnings of $8.2 million for the third quarter ending Sept. 30. Net earnings were higher than the same period in 2014.
Year-to-date net earnings were $188 million on sales of $9.74 billion, trailing the same period in 2014.
"While cyclical commodity prices continue to affect our overall results, Land O'Lakes Inc. is extending and growing our business both here in the U.S. and now globally," president and chief executive officer Chris Policinski said, noting that Land O'Lakes recently made its first commercial investment in Africa.
Results in animal feed, including Purina Animal Nutrition, continued to perform well through the third quarter, driven by strong margins and volumes in the livestock and lifestyle portfolios. The division continues to perform well above previous-year results, the company said.
The crop input segment, which includes Winfield Solutions, continued to perform below the record levels of 2014 during the third quarter.
"Lower commodity prices and a challenging grower environment have resulted in lower volumes and margins than a year ago," Land O'Lakes noted.
The dairy foods segment saw improved margins, and volumes in the retail branded butter and foodservice businesses continued to offset effects from epic declining milk powder markets. The segment's third-quarter performance improved compared to the same period in 2014.
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