Land O’Lakes Profit Jumps 67 Percent In Q2
Land O’Lakes Inc. reported on Tuesday a 67 percent growth in profits during its second quarter compared to last year.
The Arden Hills-based food co-op had a year-over-year revenue uptick as well, taking in an extra $100 million during the three-month period ending June 30.
Altogether, its profits totaled $134 million on sales of $3.5 billion.
Much of that growth came from the company’s animal feed portfolio. Performance from its crop inputs division was a particular highlight, too, as it reported improved sales of proprietary products like seed treatments and insecticides.
“Despite sustained market volatility and headwinds across the segments where we operate, [our company] is reporting significantly higher results year-over-year with strong performance across all of our business units,” said Chris Policinski, CEO of Land O’Lakes. “We will continue to invest in growth, innovation and our core businesses, and with the addition of our new business unit SUSTAIN, continue to collaborate on and improve environmental sustainability for the benefit of our members, customers and partners.”
The private co-op founded SUSTAIN in July in effort to create new products and services and enhance sustainability within its dairy foods and feed businesses. It was announced that the new business would be lead by a former executive of United Suppliers Inc., a $2.6 billion company that Land O’Lakes purchased in June 2015 and merged with its crop inputs division.