Land O'Lakes earnings up 16% in quarter

by FoodBusinessNews.net Staff
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ARDEN HILLS, MINN. — Land O’Lakes posted a 16% increase in earnings for the first quarter ended March 31, thanks to strong commodity markets, positive performance in branded, value-added product lines and emphasis on effective cost control.

Net earnings for the first quarter were $61,283,000, which compared with $52,631,000 during the same quarter of 2007. Sales for the quarter were $3,256,999,000, up 49% from $2,182,283,000 during the same quarter of the previous year.

The Dairy Foods business posted a pre-tax loss of $5.1 million compared with pre-tax earnings of $20.4 million during the same quarter of 2007. Sales in the segment were $1.05 billion for the quarter, up 19% compared with $880 million during the same quarter of the previous year. The increase was primarily the result of higher food prices.

The layers and shell eggs business posted $32.3 million in pre-tax earnings for the quarter, up sharply from $4.2 million during the same quarter of the previous year. Sales for the quarter were $181 million, up $61 million from the same period of the previous year. Stronger markets, improved volumes, effective cost control and volume growth contributed to strong results for the business.

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