Crop Inputs and Dairy Perform Well For Land O'Lakes15 November 2013
US – Agribusiness company Land O’Lakes has reported strong earnings across dairy and crop brands for the third quarter with a strong rise in sales.
Net sales for the period were $3.1 billion, up four per cent compared to the same quarter last year while earnings increased to $49 million, 173 per cent higher than the third quarter of 2012.
Year-to-date sales were $11.1 billion compared with $10.4 billion last year while net earnings through September were $198 million, 32 per cent higher than the $150 million reported during this period in 2012.
“The strong third quarter and year-to-date results reflect the on-going implementation of growth strategies that add value and expand markets of our brands,” said Chris Policinski, president and CEO of Land O'Lakes, Inc.
Mr Policinski noted that the company’s crop inputs business, operating primarily under the WinField brand, is experiencing particularly strong earnings, driven by its expertise in the fast-growing area of precision agriculture that is based on technology-enabled data.
“We are successfully capturing agronomic and economic insights that drive product innovations, helping our customers and members increase the productivity and sustainability of their farm operations,” he said.
Mr Policinski said the company’s Dairy Foods business is also experiencing strong earnings driven by its iconic butter and cheese brands.
Land O'Lakes total debt was $1.87 billion, up by two per cent from the same date one year ago. The increase was due to higher working capital, which was largely offset by improved cash flow.
TheMeatSite News Desk