Land O’Lakes Inc., Arden Hills, Minn., reported a 29 percent increase in net earnings for the year ending Dec. 31, 2020, to $266 million on net sales of $13.9 billion, compared to 2019’s $207 million and $13.9 billion, respectively. Land O’Lakes noted that the $59.1 million increase in earnings came 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,” said Beth Ford, President and CEO of Land O’Lakes, Inc. “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 Dairy Foods and Animal Nutrition businesses. Crop Inputs earnings were lower, as crop protection margins were compressed due to unfavorable product mix driven by grower buying decisions and basic manufacturers lowering prices.
Crop Inputs showed improved performance in both its crop nutrition and international businesses while leveraging its investment in digital sales platforms to help its network of brick-and-mortar retailers avoid service disruptions throughout the pandemic.