ARDEN HILLS, Minn. (November 5, 2014) – Land O'Lakes, Inc. today announced year-to-date financial results through September, reporting net earnings of $227.9 million, up 15 percent from the same period last year. Third quarter net earnings were $5.8 million compared to $49.4 million last year, with the lower results primarily attributable to cyclical market devaluations that were anticipated following an exceptionally strong first half. Year-to-date net sales were $11.4 billion, up 6 percent compared to last year, and third quarter net sales were $3.1 billion compared with $2.9 billion in 2013.
“Our solid year-to-date performance reflects the successful implementation of on-going, long-term strategies that embrace the great growth industries of agribusiness and food production,” said Chris Policinski, president and CEO of Land O'Lakes, Inc. “While third quarter results were influenced by market volatility, we continue to achieve significant enterprise growth by helping farmers produce more food in an increasingly sustainable manner to meet the nutritional needs of the world’s expanding population,” he said. Full report.
