Arden Hills, Minn.-Land O’Lakes Inc. reported net earnings of $65.3 million for the second quarter ending June 30, versus the year-ago $81.5 million. However, LOL said 2009 earnings were enhanced by unrealized pretax hedging gains of $44.8 million, versus a gain of only $1.6 million in 2010. Excluding unrealized hedging impacts, second-quarter net earnings were $64.3 million in 2010, up from $53.8 million in 2009. Second-quarter sales were $2.96 billion, up from the year-ago $2.81 billion. First-half earnings were $96.3 million, down from the year-ago $164.2 million. These results reflect unrealized hedging impacts, as well as a first-quarter 2010 charge of $25 million related to a legal settlement. Excluding these impacts, first-half net earnings were $110.7 million in 2010, down from $138.1 million in 2009. Year-to-date earnings were improved on an operating basis versus the prior year in the dairy and eggs segments, while running lower than 2009 in the feed and crop inputs businesses. First-half net sales were $6.02 billion, up from the year-ago $5.76 billion. Year-to-date, sales were up in the dairy foods, seed, and crop protection products businesses, flat in egg, and lower in feed, which continues to be affected by reduced numbers of commercial animals across the country.
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