Land O'Lakes sales up, earnings down in quarter
May 15, 2012
by Eric Schroeder
ARDEN HILLS, MINN. — “Solid, but mixed” results were scored at Land O’Lakes, Inc. in the first quarter, as sales rose 12% but net income fell 16%. Earnings in the first quarter ended March 31 were $84,641,000, which compared with $100,956,000 in the same period a year ago. Net sales were $3,873,777,000, up from $3,466,378,000.
“Our first-quarter results reflect the level of volatility and uncertainty we continue to see across our industry,” said Chris Policinski, president and chief executive officer. “One year ago, for example, dairy prices were strong and rising, while this year dairy prices were lower and dropping throughout the quarter. On the positive side, an early spring contributed to stronger demand and increased opportunity in the crop inputs business. Ultimately, the depth and breadth of our business portfolio, as well as our strong brands, market positions and innovative products contributed to our solid performance and enabled us to manage through the volatility.”