Land O'Lakes revises quarterly earnings lower
November 13, 2008
by FoodBusinessNews.net Staff
ARDEN HILLS, MINN. — Land O’Lakes revised its previously released third-quarter and year-to-date earnings.
Net earnings for the quarter were revised to $47.9 million from the previously reported $59.9 million. The revision was primarily the result of inventory valuation procedures in the company’s Agronomy segment that were not completed at the time of the Oct. 30 release. While the revised earnings were lower than previously reported, it still marked a significant increase in income from $5.2 million during the third quarter of 2007.
Nine-month earnings were then revised to $212 million from the previously reported $224 million. This compares with 2007 nine-month earnings of $137.4 million.