WASHINGTON, August 4, 2014 - Land O'Lakes, Inc. announced today record second quarter and first-half sales and earnings with year-to-date sales up more than 6 percent to $8.33 billion.
The member-owned food and agribusiness cooperative's year-to-date net earnings increased 50 percent to $221.1 million.
"We are pleased with our overall performance for the first half of 2014, which has been driven by improving commodity markets and the success of strategic investments we have made in our core businesses over the recent past," said Chris Policinski, president and CEO of Land O'Lakes, Inc.
In the last three months ending on June 30, Land O'Lakes, Inc. reported net earnings of $96.4 million, a 27 percent year-over-year increase, on sales of more than $4 billion, a 6.6 percent increase compared to the same period last year.
For the first half of 2014, Land O'Lakes, Inc. had earnings of $221.1 million, a 50 percent increase over the first six months of 2013, on sales of $8.33 billion which was 6.4 percent higher than the 2013 financial report
"Our performance continues to improve as we sharpen our focus on addressing consumer interest for more convenient and more nutritious products in our food businesses and on helping farmers produce more food in an increasingly sustainable manner in our agricultural businesses," Policinski said.
Increased sales are attributed to good performance in the butter and cheese markets, amplified alfalfa and soybean production, strong egg pricing and increased animal milk replacement sales.
The company ranks 199 on the Fortune 500 and has been in operation for more than 93 years. Brands include Land O'Lakes Dairy Foods, Purina Animal Nutrition and WinField. The company does business in all 50 states and more than 60 countries.
Land O'Lakes Inc., total debt as of June 30, 2014, was $1.54 billion, down $114 million from the same date one year ago. The decrease was primarily due to Moark asset sales, offset by increased working capital.
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