Land O'Lakes, Inc. announced first quarter financial results reporting strong sales and earnings that significantly exceeded the same quarter last year. First quarter net earnings were$125 million, 74 percent higher than the $72 million reported during the same period in 2013 while net sales totaled $4.3 billion during this period, 6 percent higher than last year.
"We are pleased to report strong first quarter results across our entire portfolio of food and agricultural businesses," said Chris Policinski, president and CEO of Land O'Lakes, in a prepared statement. "This performance was driven by the continuing implementation of strategies focused on building power and value in our brands, coupled with expansion in fast growing segments of agribusiness and food production," he added.
Business dynamics contributing to the first quarter results included high volumes and exceptional earnings in the company's dairy foods segment, including the iconic Land O'Lakes butter products and related dairy food innovations. Rising cheese, butter and milk powder markets contributed to Dairy Foods' performance. Full report.