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Land O'Lakes, Inc. Posts Q3 Results

Land O'Lakes, Inc. Posts Q3 Results

Tuesday, November 1st, 2016

Land O'Lakes, Inc. beat expectations for the third quarter of its fiscal year, with quarterly net earnings of $8 million on sales of $2.8 billion, and year-to-date net earnings topping the same quarter last year by 31 percent.

Chris Policinski, President & CEO, Land O' Lakes Inc.

"Despite a continued challenging environment, our core businesses exceeded expectations by delivering strong year-over-year growth and performance," stated Chris Policinski, Land O'Lakes, Inc. President and CEO. "Our farmer-owned business has a unique perspective on the entire food chain, from farm to fork. This view, coupled with a strong balance sheet, enabled our current business units to thrive despite a tough landscape, and prompted the creation of our new sustainability business unit. Now, more than ever, we can deliver meaningful products and sustainability solutions for the farmer, customers, consumers, and partners."

A few highlights from the quarter included:

  • Year-to-date net sales totaling just under $10 billion with net earnings of $246 million.
  • Land O'Lakes, Inc. announced the formation of a new business unit Land O'Lakes SUSTAIN.
  • Third quarter results for Dairy Foods, including the Land O'Lakes brand, benefitted from continued strong volumes in Foodservice.
  • Overall performance was up year-over-year due in part to less volatile milk powder markets.

According to a press release, SUSTAIN will focus on helping to ensure sustainable crop production by delivering insights, products, and services, as well as enhancing sustainability within the Dairy Foods and Feed businesses. It will also partner with other entities, including government, to improve efficiency and collaboration on conservation and sustainability programs.

What will the final quarter bring for Land O’Lakes and others in the industry? Keep checking in with Deli Market News to find out.

Land O'Lakes