Land O’Lakes, Inc. reports results for third quarter 2019

ARDEN HILLS, Minn. (November 7, 2019) – Land O’Lakes, Inc. today reported quarterly net sales of $3.0 billion with net earnings of $12 million for the third quarter ending September 30, 2019, compared to net sales of $3.2 billion and net earnings of $26 million during the third quarter of 2018. Year-to-date net sales totaled $10.3 billion with net earnings of $151 million compared to net sales of $11.3 billion and net earnings of $209 million during the same period in the prior year.
“In the context of global economic headwinds, catastrophic weather and increasing uncertainty about the future of rural America, Land O’Lakes has turned to demand creation, digital platform development, and an aggressive focus on customer segmentation to support strong sales,” said Beth Ford, president and CEO of Land O’Lakes, Inc. “Maintaining and expanding our market position, and advocating for the American farmer, remain key focuses for our cooperative into the fourth quarter and beyond.”
Earnings in Dairy Foods were down for the quarter as a result of lower margins within the retail segment, higher costs related to the expansion of the Kiel, WI facility and margin compression in global dairy ingredients driven by higher input costs. Crop Inputs benefited from recent cost reductions which helped to offset the impact of a compressed planting season resulting in fewer planted acres and lower sales of crop protection products. Performance in Animal Nutrition was lower due to increased forage availability in the Southwest which impacted demand.
More information about the company’s 2019 performance can be found at www.landolakesinc.com/investors.