Land O'Lakes, Inc. reports results for first quarter 2020

ARDEN HILLS, Minn. (May 7, 2020) – Land O’Lakes, Inc. today reported net sales of $3.8 billion and net earnings of $37 million for the first quarter ending March 31, 2020, compared with net sales of $3.5 billion and net earnings of $67 million during the first quarter of 2019.

Our priority is the safety of our employees who continue to work on behalf of our members-owners and serve consumers. In our new, ever-changing economic environment, we are concentrating on what we can control: innovation built on solid business fundamentals,” said Beth Ford, president and CEO of Land O’Lakes, Inc. “We are pleased with the performance and are well-positioned for the future, particularly in our digital applications.”

Improved performance in Purina Animal Nutrition was driven by higher volumes in Premix and Lifestyle Feed, and favorable product mix in Milk Replacer. Earnings in Dairy Foods were flat with prior year as strong Retail demand was offset by sharp commodity market declines and lower volumes in Foodservice due to impacts of COVID-19. Crop Inputs showed improved volumes in Seed and Crop Protection Products driven by favorable spring planting conditions, but overall earnings were lower due to product mix and timing of vendor rebates. Ending liquidity was $965 million, up 12% from prior year levels.

More information about the company’s 2020 performance can be found here.