Land O'Lakes,a farmer-owned food and agricultural cooperative,has reported 22%decline in net earnings to$47.3m for the second quarter,compared to$67.1m for the same period in 2011.
The cooperative posted 2.8%increase in net sales to$3.6bn for the quarter,compared to$3.5bn in 2011.
Net sales for the first half of 2012 totaled$7.5bn,up 8%compared to$6.9bn for the same period in 2011.Net earnings for the period were$131.9m,compared to$168.1m in 2011.
The company said that sales of its feed business increased by 11%,crop business by 17%,egg business by 17%;however,sales in the dairy foods segment declined by 7%mainly due to challenging market situations.
Land O'Lakes president and chief executive officer Chris Policinski said the company posted solid sales,with particularly strong results in core branded product lines.
"We are continuing to successfully introduce innovative new products and build our brands with new revenue generating strategies,"Policinski said.
Land O'Lakes,a Minnesota-based food and agriculture company,is a supplier of dairy-based consumer,foodservice and food ingredient products.It operates in more than 60 countries globally.
