Land O'Lakes posts second-highest-ever net earnings for 2010
Feed business reports $22.1 million, layers/eggs lose $27.2 million
Land O'Lakes Inc. released its 2010 financial results, which show the company's second-highest-ever net earnings ($178 million), topped only by 2009's record $209 million.
The company's fourth quarter was a significant contributor to the year's results, putting up net earnings of $74.6 million, compared to $49.3 million in the fourth quarter of 2009. "The economy created a challenging environment for all our businesses," said President and CEO Chris Policinski. "We took action to strengthen our capabilities and competitiveness, which helped Land O'Lakes manage through these difficult marketplace conditions. As a result of our intensified focus — and the contributions of our 9,000 employees — we delivered strong financial results for our members."
The company's feed business reported $22.1 million in 2010 pretax earnings, compared to $29.8 million in 2009. The crop inputs business, Winfield Solutions LLC, did even better, with $144.8 million for 2010 versus $136.8 million in 2009. The layers/eggs business, MoArk LLC, reported a $27.2 million loss, a significant dip from 2009's $2.8 million loss. However, a $27 million, one-time legal charge greatly impacted the 2010 numbers.