Land O'Lakes, a farmer-owned food and agricultural cooperative, has reported that its net earnings increased to $18m for the third quarter of 2012, compared to a loss of $30m for the same period in 2011.
The company's net sales for the period increased by 11.11% to $3bn, compared to $2.7n for the corresponding period in the previous year.
Besides, year-to-date sales totaled $10.4bn, compared to $9.7bn for the same period in 2011 and year-to-date net earnings of $150m, compared to $138m in 2011.
As of 30 September 2012, the company's total debt was $1.83bn, up $430m from the same period in 2011. The company attributed the increase in debt to acquisitions which are now generating additional cash flow.
Land O'Lakes, a US-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.