February 28, 2013

Land O'Lakes' 2012 net earnings soar 31% on-year

For the fiscal 2012, Land O'Lakes has reported that its net earnings increased by 31% to US$241 million, compared to US$184 million in 2011.

The company's net sales for the year increased by 10.2% to US$14.1 billion, compared to US$12.8 billion in the previous year.

Land O'Lakes president and chief executive officer Chris Policinski said this consistent, positive performance is a result of the continuing implementation of strategies designed to build the company's branded businesses in dairy foods, feed and crop inputs.

"Our growth strategy is fuelled by the generation of cost savings and the enhancement of revenues in our businesses through a programme we call Total Margin Management," Policinski added.

As of December 31, 2012, the company's total debt, including capital leases, was US$1.2 billion, compared to US$915 million in 2011.

Land O'Lakes, a US-based food and agriculture company, is a supplier of dairy-based consumer, foodservice and food ingredient products. It operates in more than 60 countries globally.