Land O’Lakes Inc., Arden Mills, Minn., reported a 22 percent increase in second-quarter net earnings to $99.7 million on net sales of $4 billion, up from the year-ago $81.6 million and $3.5 billion, respectively. Six-month earnings were up even more at 99 percent, to $235.6 million on net sales of $7.97 billion from $$118.3 million and $7.31 billion, respectively.
The company said second-quarter earnings were driven by strong performance in Crop Inputs with higher volumes and favorable product mix in crop protection and improved margins in crop nutrients. The company said net sales growth reflected strength in Crop Inputs and Animal Nutrition and higher pricing across the portfolio to offset rising input and supply chain costs. Net sales accelerated in the second quarter as farmers invested in their crops and animals.
“We are pleased we’ve been able to maintain the strength and accelerate the momentum of last year’s performance,” said Beth Ford, Land O’Lakes President and CEO. “Despite increasing costs, the fundamentals of our industry remain favorable and our differentiated approach has delivered sustained performance in all business segments through the first half of the year. We also recognize third quarter could be our toughest year-over-year comparison in our historically smallest quarter, as during 2020, COVID-19 drove above normal retail purchasing.”