Land O’Lakes reported a record $364.8 million in net earnings on $13.7 billion in sales, up from net earnings of $319.9 million and net sales of $13.2 billion in 2016. For the fourth quarter ending Dec. 31, 2017, the company reported $3.6 billion in sales, and $94.5 million in net earnings, compared to $3.3 billion in sales and earnings of $73.5 million in the same quarter in 2016.
For Land O’Lakes, 2017 marked the fourth consecutive year of positive net earnings growth. Earnings improvements in each of its core businesses drove this year’s record performance. The company completed the largest merger in its history, fully integrating Winfield United, brought multiple new products to market in its Animal Nutrition division and diversified its platforms in Dairy Foods with the acquisition of Vermont Creamery, a specialty producer of artisanal aged and fresh goat cheeses and premium cultured dairy products.
Crop Inputs delivered sales of $5.7 billion and pretax earnings of $230.1 million. That compares with $5.5 billion in sales and $202.9 million in pretax earnings in 2016. Strong performance was driven by higher volumes within proprietary and vended crop protection products, as well as higher seed volumes. Land O’Lakes also completed the acquisition of the Armor Seed brand and Solum soil testing lab and continued to make significant investments in ag tech, including new functionality in its R7 Field Forecasting Tool.
For more about Land O’Lakes 2017 financial results, visit www.landolakesinc.com/investors.
