ARDEN HILLS, MN -Land O’Lakes has reported second quarter financial results, highlighted by a huge boost in earnings.
Net earnings boosted 63% from $47.2 million to $76.9 million while net sales rose 8% from 3.6 billion to $3.9 billion.
Dairy Foods were the main factor in driving earnings improvements, which had been negatively impacted by a boom in milk supplies and falling product prices.
"We are pleased with our mid-year results, which were driven by our strategy of more aggressive investment in a variety of growth initiatives," said Chris Policinski, president and CEO of Land O'Lakes. Sales increases during the second quarter were achieved in all three core businesses, which include Dairy Foods, Crop Inputs (WinField) and Feed (Purina Animal Nutrition). First half sales were improved in all business segments, including Layers.