Land O'Lakes earnings up 35% in quarter
May 07, 2009
by FoodBusinessNews.net Staff
ARDEN HILLS, MINN. — Land O’ Lakes, Inc. posted net earnings of $82,690,000 for the first quarter ended March 31, up 35% from $61,283,000 during the same quarter of the previous year. The company attributed the earnings increase to the strength and diversity of the core business and the strength and ability of the company’s balance sheet.
Sales for the quarter were $2,947,314,000, down 10% from $3,256,999,000 during the same quarter of the previous year.
"There are, no doubt, some challenging times ahead shaped by economic uncertainty and volatile commodity markets," said Chris Policinski, president and chief executive officer. "However, Land O’Lakes is well positioned to meet those challenges and to help our members and customers manage through them as well."
The Dairy Foods segment had a pre-tax loss of $17.9 million compared with a pre-tax loss of $5.1 million during the same quarter of 2008. Sales in the segment were $753 million, down from $1.05 billion in the same quarter of the previous year.