Land O’Lakes Inc., Arden Hills, Minn., reported net earnings of $65.7 million on net sales of $2.94 billion for the third-quarter ending Sept. 30, 2020, up from the year-ago $11.9 million and $2.98 billion, respectively.
The company said earnings improved by $54 million in the quarter due to strong performance across the portfolio. Crop Inputs earnings were higher due to improved seed performance, lower working capital resulting in lower debt financing costs, and other targeted cost reductions.
Dairy Foods earnings were higher due to continued strength in Retail, which more than offset lower volumes in Foodservice and commodity market volatility due to impacts of COVID-19. Animal Nutrition earnings improved due to higher sales and favorable product mix in the Lifestyle segment.
“I am grateful for the engagement, agility, and commitment of the Land O’Lakes team that delivered remarkable performance in the face of the most rapidly changing market dynamics in recent memory,” said Beth Ford, Land O’Lakes President and CEO. “While the health and safety of our employees and members remains our first priority, strong performance like this enables us to innovate and expand beyond the traditional boundaries of food and ag.”
Nine-month net earnings were $184 million on net sales of $10.2 billion, up from the year-ago $150.9 million and $10.3 billion, respectively.