Land O'Lakes, Inc. today announced third quarter financial results showing solid sales and strong earnings that surpassed the prior year for both the quarter and year-to-date.
Third quarter net sales were $3.1 billion, up 4 percent from the same quarter last year while earnings increased to $49 million, 173 percent higher than the third quarter of 2012. Year-to-date sales were $11.1 billion compared with $10.4 billion last year while net earnings through September were $198 million, 32 percent higher than the $150 million reported during this period in 2012.
"The strong third quarter and year-to-date results reflect the on-going implementation of growth strategies that add value and expand markets of our brands," said Chris Policinski, president and CEO of Land O'Lakes, Inc.
Policinski noted that the company's crop inputs business, operating primarily under the WinField brand, is experiencing particularly strong earnings, driven by its expertise in the fast-growing area of precision agriculture that is based on technology-enabled data. "We are successfully capturing agronomic and economic insights that drive product innovations, helping our customers and members increase the productivity and sustainability of their farm operations," he stated.
Policinski said the company's Dairy Foods business is also experiencing strong earnings driven by its iconic butter and cheese brands. "The 2013 earnings in Dairy Foods have also grown as a result of new products such as Kozy Shack refrigerated desserts and continuing innovations such as the recently expanded line of Sauté Express Sauté Starter products," he added.
Land O'Lakes, Inc. total debt as of September 30, 2013, was $1.87 billion, up 2 percent from the same date one year ago. The increase was due to higher working capital, which was largely offset by improved cash flow.