Income for Land O' Lakes down 28% in quarter
August 13, 2009
by FoodBusinessNews.net Staff
ARDEN HILLS, MINN. — Net earnings for Land O’Lakes during the quarter ended June 30 was $81,284,000, down 28% from $112,544,000 during the same quarter of the previous year. Sales for the quarter were $2,814,499,000, down 15% from $3,327,865,000 during the same quarter of the previous year.
"While Land O’Lakes is not immune to the stresses and challenges of a difficult economy, we are solidly positioned to deal with the challenges ahead," said Chris Policinski, president and chief executive officer.
Mr. Policinski said a sound and stable balance sheet, strong market positions and leading brands are among some of the factors leading to a solid positioning for the company.
Net earnings for the six months ended June 30 were $161,008,000, down 8% from $175,652,000 during the same period of the previous year. Sales for the six months were $5,761,813,000, down 12% from $6,584,864,000 during the same period of the previous year.