Land O’Lakes , the US agri-food co-operative, today (2 August) booked higher first-half sales and profits.
The company posted net earnings of US$188.9m for the six months to the end of June, up from $180.2m a year earlier. Earnings from operations stood at $268.9m, versus $194.4m in the first half of 2015.
The improved profits were due to a fall in the cost of goods sold and higher sales. Net sales reached $7.14bn, against $7.11bn a year ago.
Reflecting on Land O’Lakes’ performance in the second quarter, president and CEO Chris Policinski said: “Despite sustained market volatility and headwinds across the segments where we operate, Land O’Lakes, Inc. is reporting significantly higher results year-over-year with strong performance across all of our business units.”
Land O’Lakes said its dairy foods arm, including its namesake brand, saw higher results in the second quarter amid “less volatile” markets. It also cited “strong volumes and overall performance in the foodservice division”.