St. Paul-Land O’Lakes Inc. reported net earnings of $102.8 million on sales of $3.33 billion for the second quarter ending June 30, 2008, compared to the year-ago $79.5 million and $2.02 billion. Six-month net earnings were $164.1 million on sales of $6.6 billion, versus the year-ago $132.1 million and $4.2 billion. LOL year-to-date earnings were up 24 percent, and are up 76 percent for the quarter and 48 percent YTD if the $21.2 million gain from the year-ago sale of Cheese and Protein International is excluded. Second-quarter agronomy earnings totaled $37.1 million, versus the year-ago $12.8 million. YTD agronomy reports $26.3 million in pretax earnings, versus $11.2 million one year ago. Year-over-year comparisons are difficult due to the restructuring of Agriliance LLC in late 2007, with its crop protection business going to LOL. LOL said YTD crop protection sales were $1.5 billion, adding that agronomy is having a strong year, driven by increased demand, strong margins, and effective inventory management.
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