Land O’Lakes reports continued share growth in retail branded butter and ‘superspreads’
First quarter 2015 sales and net earnings were less than the comparable period in 2014.
Land O'Lakes Inc., Arden Hills, Minn., reported today that its dairy foods segment was affected by declining global milk powder and cheese markets. It saw “strong” performance in its butter products and high volumes and margin strength in Foodservice. In a statement, the company said, “Following 2014's record profit and volumes, the first quarter of 2015 showed a continued trend of strong volume and continued share growth in retail branded butter and superspreads.”
For the first quarter (ended March 31), Land O'Lakes reported quarterly net sales of $3.8 billion and net earnings attributable to Land O'Lakes of $99.4 million. It noted that while results were down compared to the same quarter a year ago (sales of $4.29 billion; net earnings of $124.7 million), the recent quarter “stands as one of the strongest first quarters for the company.”