Land O’Lakes, Inc. reports first quarter results

ARDEN HILLS, Minn. (April 28, 2022) – Land O’Lakes, Inc. today reported net sales totaling $5 billion with net earnings of $179 million for the first quarter ending March 31, 2022, compared to net sales of $3.9 billion and net earnings of $136 million in first-quarter 2021. The strong sales and earnings growth were driven by higher volumes and improved margins in Crop Inputs due to increased demand and favorable product mix as retailers and producers anticipate a robust spring planting season.  

"As a farmer- and retailer-owned cooperative, we are focused on the success of local agricultural retailers and American farmers,” said Beth Ford, president and CEO of Land O'Lakes, Inc. “This quarter’s strong performance is a reflection of our efforts to support them, their families and the communities in which they live.”

First-quarter earnings were driven by record performance in Crop Inputs (primarily our WinField United business) largely due to increased volumes and favorable product mix in Crop Protection. Producers are focused on getting the best outcomes during a period of high commodity prices and a short supply of those critical food-related commodities.

The business continues to address supply chain challenges to help ensure access to key items and is working closely with retailers to proactively manage costs and leverage our differentiated ag tech and service platforms to help ensure appropriate supply during this key growing season.

Dairy Foods earnings were below prior year levels as retail volumes normalized from elevated levels during the pandemic but were partially offset by improved performance in Foodservice and higher margins on consumer cheese.

Animal Nutrition earnings were also down from prior year levels due to compressed formula feed margins driven by rising input and supply chain costs and timing of ingredient hedge positions.

More information about the company’s 2022 performance can be found at www.landolakesinc.com/investors.

Any forward-looking statements represent our current judgment on what the future holds but are subject to risks and uncertainties that could cause actual results to differ materially. Undue reliance should not be placed on these forward-looking statements, which reflect our opinions only as of the date of this presentation. We will not revise or publicly release the results of any revision to any forward-looking statements in light of new information or future events.