US dairy firm Land O’Lakes said it has recorded a “solid” set of first-half results, driven by improved agricultural markets and innovation.
For the six months to the end of June, earnings amounted to US$168.1m, a 76% jump on the prior-year period. Net sales climbed 15% to $6.93bn.
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The company said sales and earnings were up in all of its core businesses – dairy foods, layers, feed and crop inputs.
“These very positive results were driven by a combination of factors, including improved agricultural markets, solid performance by our core branded and propriety products, and new products that have been very well-received by both consumers and our commercial customers,” said Land O’Lakes president and CEO Chris Policinski.
The firm said it remains focused on “delivering solid business performance, leading innovation and maintaining a strong balance sheet – while pursuing strategic growth opportunities, including international expansion”.
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