Land O’Lakes, Inc. reports second quarter results

ARDEN HILLS, Minn. (July 28, 2022) – Land O’Lakes, Inc. today reported year-to-date net sales totaling $9.9 billion with net earnings of $247 million. During the same period last year, the company reported net sales of $8 billion and net earnings of $236 million. For the second quarter ending June 30th, 2022, the company reported net sales of $4.9 billion and net earnings of $69 million, compared with net sales of $4.0 billion and net earnings of $100 million in 2021.

"Our farmer- and retailer-owned cooperative is performing well for our member owners,” said Beth Ford, president and CEO of Land O'Lakes, Inc. “Our growth reflects the hard work of the team and a proactive strategy to offset the on-going extreme volatility and inflationary cost pressures across the food value chain.”

Our Ag businesses performed well during the first six months of the year, as producers focused on maximizing yields during a period of high commodity prices and a short supply of critical food-related commodities. Strong performance in Crop Inputs was driven by higher proprietary volumes and favorable product mix in crop protection, market appreciation in crop nutrients and higher earnings from retail joint ventures. This was partially offset by lower earnings in Animal Nutrition due to margin compression resulting from a shift in product mix, rising input and supply chain costs, and timing of ingredient hedge positions.

Dairy Foods earnings were below prior year levels, primarily due to lower retail volumes and margin compression resulting from higher input costs, unstable powder markets and inflationary cost increases in both manufacturing and transportation.

More information about the company’s 2022 performance can be found at www.landolakesinc.com/investors.

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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 release. 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.