Dairy products contribute to Q2 sales increase at Land O'Lakes
The company said earnings improvements year-on-year have been driven mainly by its Dairy Foods division, which had been negatively impacted in the first half of 2012.
Land O'Lakes Inc. today said net sales were $3.9 billion for the second quarter, up 8% from $3.6 billion for the same quarter last year. The Arden Hills, Minn.-based cooperative also reported that net sales for the first half of the year were $8.1 billion, up 8% from $7.5 billion for the first half of 2012. Net earnings for the second quarter were $76.9 million, up 63% from $47.2 million last year. First half net earnings totaled $148.5 million, up 12% from $132.1 million during the same period last year.
Land O'Lakes is the largest dairy cooperative on the 2013 Dairy 100, Dairy Foods' annual ranking of the largest dairy processors based in the United States and Canada. Overall, the company ranks fifth, with dairy-related revenues of $4.2 billion in 2012. The new Dairy 100 list will be published in the August issue of the magazine, and will be online later this month.