ARDEN HILLS, Minn., Aug. 1, 2018 /PRNewswire/ -- Land O'Lakes, Inc. today reported quarterly net sales of $4.2 billion and net earnings of $67.2 million in the second quarter ending June 30, 2018, compared with 2017 second quarter net sales of $3.7 billion and net earnings of $113.0 million. Year-to-date net sales totaled $8.1 billion with net earnings of $182.9 million compared to net sales of $7.3 billion and net earnings of $222.9 million for the same period in the prior year.
"The diversity of our business portfolio and our consistent 'long view' approach to growth equips Land O'Lakes to continue making steady progress, even as we face significant headwinds across the agricultural economy," said Land O'Lakes, Inc. President and CEO Beth Ford. "It's an important and exciting time to be at Land O'Lakes because our solid financial footing, clear plan for growth, and commitment to innovation by farmers and employees keep us nimble and confident during a time of uncertainty and change in our industry. We'll continue building on what's worked, with new value-added branding, expansion in high-potential markets and product categories, and innovative business models that leverage our 'farm-to-fork' scope."
Despite growth in crop protection volumes, year-to-date earnings in Crop Inputs declined due to a shift in product mix resulting from growers trading down, late planting resulting in fewer applications and increased competitiveness. Earnings in Dairy Foods were higher with improved product mix in the branded butter portfolio and foodservice offsetting the impact of lower commodity markets in the ingredients business. Earnings in Animal Nutrition were flat with the prior year. The company's Crop Nutrient business, which was added as part of the United Suppliers merger in October 2017, contributed an incremental $11 million to year-to-date earnings.
More information about the company's second quarter 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 2017 annual sales of $14 billion, Land O'Lakes is one of the nation's largest cooperatives, ranking 216 on the Fortune 500. Building on a legacy of more than 97 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 and WinField® United. The company does business in all 50 states and more than 60 countries. Land O'Lakes, Inc. corporate headquarters are located in Arden Hills, MN.
SOURCE Land O'Lakes, Inc.