Land O’Lakes reported growth in revenues for the first half of the year but net earnings dropped, which the US agri-food business attributed to unrealised hedging costs.
Sales rose 2.8% to US$7.3bn in the six months to the end of June from a year earlier, while net income declined 6.3% to $223m, the Minnesota-based company said in a statement today (2 August). The hedging loss for the half came in at $4m compared to an unrealised hedging gain of $26m in the first half of 2016.
Go deeper with GlobalData
Earnings from operations, excluding the impact of hedging costs, climbed 8% to $262m.
The company noted strong showings in the crop inputs sector and animal nutrition segment, which were offset by a lower performance in dairy and investments in its Land O’Lakes Sustain unit, which focuses on environmental sustainability.
Commenting on the results, CEO and president Chris Policinski, said: “We are up in volume in most of our key categories. We continue to be in a position to deliver strong full-year performance.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
