Land O’Lakes Inc., one of the U.S.’s premier agribusiness and food companies, announced its third quarter 2017 financial results this week. The company cited increased net earnings on near-constant sales for the past year—despite a volatile market.
"Despite strong headwinds and volatility in commodities, Land O'Lakes, Inc. continues to grow based on smart investments and a focused strategy," said Chris Policinski, President and CEO of Land O'Lakes, in a press release. "The recently finalized merger between WinField and United Suppliers has given the company the opportunity to drive costs out of our business and improve pricing and service for our members, giving them an advantage in the market and the ability to run their operations more profitably."
Third quarter 2017 highlights included:
According to the company’s press release, third quarter earnings benefitted from strong performance in Crop Inputs and Animal Feed which was partly offset by lower earnings in Dairy Foods and investments in Land O'Lakes SUSTAIN. Dairy Foods benefited from strong volumes in foodservice, but Land O’Lakes noted that overall margins were lower due to declines in global milk powder markets, which impacted pricing.
The company also noted that it celebrated the grand opening of the WinField United Innovation Center in River Falls, Wisconsin, this quarter. The Center, a 55,000-square-foot product and technology development and testing facility, is intended to help give farmers better tools to grow crops more sustainably. And, in July, Land O’ Lakes also kicked off the Land O'Lakes Farm Bowl, a celebration of modern farming as part of its Founding Partnership with the Minnesota Super Bowl Host Committee.
To learn more about the company’s finances, click here.