Land O’Lakes announced third quarter financial results, reporting net sales of $2.62bn and net earnings of $8.2m for the quarter ending Sept. 30, 2015
Year-to-date net earnings were $188 million on sales of $9.74 billion. Net earnings for the quarter were up compared to the same period in 2014 with year-to-date results trailing the same period in 2014.
Land O'Lakes CEO Chris Policinski said: "While cyclical commodity prices continue to affect our overall results, Land O'Lakes, Inc. is extending and growing our business both here in the U.S. and now globally.
Just last week, Land O'Lakes announced its first commercial investment in Africa.
Animal feed, including Purina Animal Nutrition, saw continued strong performance through the third quarter, driven by strong margins and volumes in the Livestock and Lifestyle portfolios. The division continues to perform well above previous year results.
The crop inputs segment, which includes Winfield Solutions, continues to perform below 2014's record levels. Lower commodity prices and a challenging grower environment have resulted in lower volumes and margins than a year ago.
The dairy foods segment saw improved margins and volumes in the retail branded butter and Foodservice businesses to offset continued effects from epic declining milk powder markets. The segment improved third quarter performance compared to the same period in 2014.
