ARDEN HILLS, Minn., April 29, 2021 /PRNewswire/ -- Land O'Lakes, Inc. today reported net sales of $3.9 billion and net earnings of $136 million for the first quarter ending March 31, 2021, compared to net sales of $3.8 billion and net earnings of $37 million in 2020. Each business unit delivered strong results and increased net earnings compared to the prior year.
"The operating environment and fundamentals are strong in each business segment," said Beth Ford, president and CEO of Land O'Lakes, Inc. "The Ag sector is bolstered with our agronomic leadership in Winfield United, rising grain prices, and farmers investing in their crops in preparation for spring planting, and is well-positioned to take advantage of the most favorable market environment since 2014. As businesses continue to re-open in 2021, the marketplace for Dairy Foods Foodservice is rebounding rapidly. Animal Nutrition has also seen continued growth in the lifestyle segment as people continue to invest in their animals."
Net sales across the company were up 4% compared to the prior year with volume growth in each of the core business segments. Dairy Foods earnings were higher due to continued volume strength in Retail and improved margins in the Global Dairy Ingredients business. Crop Inputs earnings improved due to higher volumes and favorable product mix in Crop Protection Products, in advance of spring planting. Animal Nutrition earnings were also higher for the quarter due to volume growth in both Lifestyle and Livestock Feed. Improved performance more than offset the impact of higher supply chain costs across the portfolio. 2021 first quarter performance was the strongest of the past decade for the farmer-owned cooperative.
More information about the company's 2021 performance can be found at www.landolakesinc.com/investors.
About Land O'Lakes, Inc.
Land O'Lakes, Inc., one of America's premier agribusiness and food companies, is a member-owned cooperative with industry-leading operations that span the spectrum from agricultural production to consumer foods. With 2020 annual sales of $14 billion, Land O'Lakes is one of the nation's largest cooperatives, ranking 232 on the Fortune 500. Building on a legacy of more than 99 years of operation, Land O'Lakes today operates some of the most respected brands in agribusiness and food production including Land O'Lakes Dairy Foods, Purina Animal Nutrition, WinField United and Truterra. The company does business in all 50 states and more than 60 countries. Land O'Lakes, Inc. corporate headquarters are located in Arden Hills, Minnesota.
SOURCE Land O’Lakes, Inc.