Land O’Lakes, Inc. announces first quarter 2016 results
ARDEN HILLS, Minn. — Land O’Lakes, Inc. recently announced first quarter financial results, reporting quarterly net sales of $3.6 billion and net earnings of $104 million, up from $99 million in 2015.
“Coming off of a record year in 2015, performance remains strong in the first quarter of 2016 despite continued challenging market conditions,” stated Chris Policinski, Land O’Lakes, Inc. president and CEO. “Building on our strategy and momentum, we continue to invest in core growth, new markets and step up our innovation. In an environment of increasing industry consolidation, we are expanding our presence and capabilities to provide value to our farmer-owners to help them compete in this great growth industry.”
Land O’Lakes Winfield US (Winfield United Suppliers) recently announced the company signed a letter of intent to enter into a supply agreement with Southern States Cooperative, Inc. With the agreement, Winfield US will exclusively provide a majority of crop inputs requirements to Southern States’ network of 1,200 retail locations located in the Eastern U.S. beginning in crop year 2017. This agreement will bring the WinField portfolio of products, including WinField seed, seed treatments, adjuvants, micronutrients and plant growth regulators, to a new customer base.
Overall first quarter results in Crop Inputs, which includes the WinField and United Suppliers branded portfolios, were impacted by lower volumes across their seed and crop protection products.
First quarter results for Feed include strong performances in large animal feed driven by strong margins within formula feed and milk replacer products.
First quarter results for Dairy Foods, which includes the company’s LAND O LAKES brand, benefitted from higher volumes and margin in Foodservice and improved margins in Specialty Ingredients. Dairy Foods also benefitted from lower declines in global milk powder prices in 2016 as compared with the prior year.
Land O’Lakes, Inc. first quarter financial results can be found here or on www.landolakesinc.com.