Land O'Lakes Inc., headquartered in Arden Hills, MN, this week reported net sales of $13.9 billion and net earnings of $266 million for the year ended Dec. 31, 2020, compared with net sales of $13.9 billion and net earnings of $207 million in 2019.
Net earnings improved $59.1 million, compared with the prior year despite the economic challenges and volatile market conditions due to impacts of the global COVID-19 pandemic.
The year’s earnings strength was driven by improved performance in dairy foods and animal nutrition businesses, according to the company.
Dairy foods earnings were higher due to strong sales of retail products including butters, spreads and Kozy Shack lines, which more than offset volume declines in foodservice and the impacts of commodity market volatility.
Land O'Lakes is one of the nation's largest member-owned cooperatives, ranking 232 on the Fortune 500.
More information about the company's 2020 performance can be found at www.landolakesinc.com/investors.
