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Land O'Lakes, Inc. reports results for third quarter

Business fundamentals remain strong

Land O'Lakes, Inc. reports results for third quarter

https://www.landolakesinc.com/Press/News/2021-Q3-Earnings-Release

ARDEN HILLS, Minn. (Oct. 28, 2021) – Land O’Lakes, Inc. today reported year-to-date net sales totaling $11.5 billion with net earnings of $253 million, compared with net sales of $10.3 billion and net earnings of $184 million in 2020. Net Sales increased 12% driven by strong volumes in Crop Inputs and Animal Nutrition and higher pricing across the portfolio to offset input and supply chain cost increases. Net Earnings growth of $69 million was driven by continued strength across all core business segments. For the third quarter ending Sept. 30, 2021, the company reported net sales of $3.5 billion and net earnings of $17 million, compared with net sales of $2.9 billion and net earnings of $65 million in 2020.

“We are confident that our solid performance for the quarter and favorable year-to-date earnings will provide a firm foundation and a strong position going into our historically busiest quarter of the year,” said Beth Ford, president and CEO of Land O’Lakes, Inc. “Like all companies, we are working to mitigate challenging supply chain issues.”

Earnings for the first nine months were driven by strong performance across the enterprise. In Crop Inputs, earnings improved due to higher volumes and favorable product mix in Crop Protection as well as higher margins in Crop Nutrients. Dairy Foods earnings were also higher due to improved volumes in Foodservice with the reopening of restaurants and schools and higher margins in both cheese and nonfat dry milk due to rising markets. These increases more than offset expected declines in our Retail dairy business as volumes normalized from elevated levels at the start of the pandemic. Animal Nutrition continued to grow its Lifestyle feed business, but overall profitability declined due to higher input and supply chain costs, in addition to timing of ingredient hedge positions. 
 
More information about the company’s 2021 performance can be found at www.landolakesinc.com/investors.

Any forward-looking statements represent our current judgment on what the future holds but are subject to risks and uncertainties that could cause actual results to differ materially. Undue reliance should not be placed on these forward-looking statements, which reflect our opinions only as of the date of this presentation. We will not revise or publicly release the results of any revision to any forward-looking statements in light of new information or future events.

Media Contact: Brooke Dillon, bdillon@landolakes.com; 651-202-1670


About Land O'Lakes, Inc. 
Land O'Lakes, Inc., one of America's premier agribusiness and food companies, is a member-owned cooperative with industry-leading operations that span the spectrum from agricultural production to consumer foods. With 2020 annual sales of $14 billion, Land O'Lakes is one of the nation's largest cooperatives, ranking 219 on the Fortune 500. Building on a legacy of more than 100 years of operation, Land O'Lakes today operates some of the most respected brands in agribusiness and food production including Land O’Lakes Dairy Foods, Purina Animal Nutrition, WinField United and Truterra. The company does business in all 50 states and more than 60 countries. Land O'Lakes, Inc. corporate headquarters are located in Arden Hills, Minnesota.



4001 Lexington Avenue North Arden Hills, MN 55126 | Mailing: P.O. Box 64101 St. Paul, MN 55164-0101 | 651.375.2222