US dairy firm Land O’Lakes has booked a drop in first-quarter earnings as higher advertising and promotional spend hit profit.
In the three-month period, the company earned US$72m, a 16% drop on last year as the company ramped up advertising and promotional investment for new products across the business.
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Sales were up 8% to $4.2bn. CEO Chris Policinski described its first-quarter sales performance as “solid and in line with expectations”.
“Land O’Lakes has begun 2013 with solid sales growth and strong operating performance in our business units,” said CEO Chris Policinski. “Our crop inputs business, which is operated under Winfield Solutions, had a record year in 2012 and continued to deliver strong earnings in the first quarter of 2013, slightly below prior year because of weather-related timing of spring planting.”
