Vending

Land O’Lakes boosts sales, earnings for Q1 2021

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April 29, 2021

Land O'Lakes, Inc. boosted its net sales in Q1 2021, rising from $3.8 billion in Q1 2020 to $3.9 billion for the quarter ending March 31, 2021, while net earnings rose from $37 million in Q1 2020 to $136 million in Q1 2021, according to a press release. The 2021 first quarter performance was the strongest of the past decade for the farmer-owned cooperative.

Each business unit delivered strong results and increased net earnings compared to the prior year.

Net sales across the company were up 4% compared to the prior year with volume growth in each of the core business segments.

"The operating environment and fundamentals are strong in each business segment," Beth Ford, president and CEO, said in the release. "As businesses continue to re-open in 2021, the marketplace for dairy foods foodservice is rebounding rapidly. Animal nutrition has also seen continued growth in the lifestyle segment as people continue to invest in their animals."

Dairy foods earnings were higher due to continued volume strength in retail and improved margins in the global dairy ingredients business.

Crop inputs earnings improved due to higher volumes and favorable product mix in crop protection products, in advance of spring planting.

Animal nutrition earnings were also higher for the quarter due to volume growth in both lifestyle and livestock feed. Improved performance more than offset the impact of higher supply chain costs across the portfolio.