US food company Land O’Lakes has booked a drop in first-quarter profits, hurt by reduced earnings in its dairy and poultry divisions.

For the three months to the end of March, net earnings dropped to US$84.6m from $185.6m in the prior-year period. The company said its earnings results were “mixed”, with reduced earnings from dairy foods, layers and eggs but improved profits from crop inputs and feed.

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Net sales in the quarter increased 12% to $3.87bn, with revenues up across all the company’s businesses.

“Our first-quarter results reflect the level of volatility and uncertainty we continue to see across our industry,” said Land O’Lakes president and CEO Chris Policinski. “On the positive side, an early spring contributed to stronger demand and increased opportunity in the crop inputs business.”

Click here to view the full earnings release.

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