Vending

Land O’Lakes boosts sales, earnings in 2020

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February 25, 2021

Land O'Lakes Inc. reported net sales rose from $13.88 billion in 2019 to $13.95 billion in 2020, and net earnings rose from $206.7 million in 2019 to $266 million for the year ending Dec. 31, 2020, according to an earnings release.

Net earnings improved $59.1 million compared to the prior year despite the economic challenges and volatile market conditions due to impacts of the global COVID-19 pandemic.

"While I'm proud of our performance, I am even more proud of the team that delivered it. In an evolving and difficult landscape, Land O'Lakes was able to perform," Beth Ford, president and CEO of Land O'Lakes Inc., said in the release. "We focused on growth in a challenging environment by standing up e-commerce across the business units as everyone moved online, developing revenue options for farmers and working to offset significant market declines."

2020 earnings strength was driven by improved performance in core dairy foods and animal nutrition businesses. Dairy Foods earnings were higher due to strong sales of retail products including butters and spreads and the Kozy Shack product lines, which more than offset volume declines in foodservice and the impacts of commodity market volatility.

For an update on how the coronavirus pandemic is affecting convenience services, click here.