Profits at US dairy co-op Land O’Lakes remain “well ahead” of last year despite a loss in the third quarter.
The company posted a net loss of US$30m for the three months to the end of September. It said “investments in growth, recent declines in dairy markets, and the timing of administrative expenses” had hit its bottom line in the third quarter of the year.
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However, Land O’Lakes said its net earnings for the first nine months of 2011 were up 33% on the year at $138.1m.
President and CEO Chris Policinski pointed to a “strong performance” from the company’s “core” brands, the successful launch of more products and moves to improve margins across the company.
“These results demonstrate that even in a difficult economy, customers and consumers value well-known and trusted brands,” he said on Tuesday (1 November).
Third-quarter net sales increased 16.9% to $2.77bn. Over the nine months to the end of September, net sales grew 16% to $8.39bn.
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