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Land O'Lakes Reports 2Q Results

Farmer-owned cooperative posts net earnings of $67.2M on $4.2B in sales

Landolakes

Land O'Lakes, Inc. has reported quarterly net sales of $4.2 billion and net earnings of $67.2 million in the second quarter ending June 30, 2018, compared with 2017 second quarter net sales of $3.7 billion and net earnings of $113.0 million.

Year-to-date net sales totaled $8.1 billion with net earnings of $182.9 million compared to net sales of $7.3 billion and net earnings of $222.9 million for the same period in the prior year.

Despite growth in crop protection volumes, year-to-date earnings in Crop Inputs declined due to a shift in product mix resulting from growers trading down, late planting resulting in fewer applications and increased competitiveness.

Earnings in Dairy Foods were higher with improved product mix in the branded butter portfolio and foodservice offsetting the impact of lower commodity markets in the ingredients business. Earnings in Animal Nutrition were flat with the prior year.

The company's Crop Nutrient business, which was added as part of the United Suppliers merger in October 2017, contributed an incremental $11 million to year-to-date earnings.

More information about the company's second quarter performance can be found at landolakesinc.com/investors.

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