US agribusiness Land O’Lakes highlighted its “solid” nine-month results after “market volatility” hit third-quarter profits.
Third-quarter net earnings were US$6.3m compared to $49.5m a year earlier. Earnings from operations stood at $3.5m, down from $41.9m.
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Land O’Lakes said the drop was “primarily attributable to cyclical market devaluations that were anticipated following an exceptionally strong first half”.
Net sales increased 5.1% to $3.13bn.
In the nine months to 30 September, net earnings grew 15.3% to $228.2m. Earnings from operations were up 8.7% at $236.6m.
Land O’Lakes said its three business divisions, including dairy foods, saw earnings improve year-on-year. The company said its dairy unit benefited from “strong markets” for its butter and cheese products, as well as improved branded butter volumes.
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By GlobalDataAs well as higher profits, Land O’Lakes saw its top line improve, with net sales increasing 6% to $11.4bn.
“Our solid year-to-date performance reflects the successful implementation of on-going, long-term strategies that embrace the great growth industries of agribusiness and food production,” president and CEO Chris Policinski said.
