US food group Land O’Lakes has seen year-to-date earnings fall on the back of third-quarter losses.
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The company, which produces dairy foods, eggs and agricultural products, said that earnings in the first nine-months of the year totalled US$159.8m, down from $192.6m last year. During the third quarter, the company made a net loss of $4.3m, compared to earnings of $28.6m last year.
Land O’Lakes president and CEO Chris Policinski said that the third-quarter performance was in-line with the company’s expectations.
“Our third-quarter performance is typically soft due to seasonal impacts. Year-to-date, we are on track with our projections and we remain cautiously optimistic about prospects for the fourth quarter,” he commented.
Policinski said that the group’s year-to-date results had been negatively impacted by lower commodity prices and the consumer shift to lower priced products.
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