US farmer-owned co-operative Land O’Lakes has booked a jump in full-year earnings, boosted by higher sales and margins at its dairy business.
The company said yesterday (25 February) group net earnings rose to US$306m, up 27% year-on-year. 2013 also saw “record annual sales”, which increased 4.4% in the 12 months to $14.2bn.
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Gains were driven by a surge in profits at the group’s dairy business. Pre-tax earnings at the unit were up 101% to $75m on improved margins on milk powder and butter and higher retail volumes. Sales rose 8%, Land O’Lakes added.
The food-to-agriculture group added it saw a “strong” performance from its WinField Solutions crop input unit. Sales were up at its animal feed division but profits declined in the period.
President and CEO Chris Policinski said: “The record-setting year in dairy foods, combined with the continued strong performance of WinField, exemplify our commitment to delivering the products, programs and services that provide the greatest value for our customers and members alike.”
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