Farmer-owned cooperative reports 29 percent year-over-year earnings increase
“While I’m proud of our performance, I am even more proud of the team that delivered it. In an evolving and difficult landscape, Land O’Lakes was able to perform,” said Beth Ford, president and CEO of Land O’Lakes, Inc. “We focused on growth in a challenging environment by standing up e-commerce across the business units as everyone moved online, developing revenue options for farmers and working to offset significant market declines.”
Animal Nutrition earnings were also higher due to growth in all lifestyle species – animals like backyard flock and horse – and improved performance in Premix. Crop Inputs earnings were lower as Crop Protection margins were compressed due to unfavorable product mix driven by grower buying decisions and basic manufacturers lowering prices. Crop Inputs showed improved performance in both its Crop Nutrition and International businesses while leveraging its investment in digital sales platforms to help its network of brick-and-mortar retailers avoid service disruptions throughout the pandemic.
The company also worked to address issues that directly affected its members, their families, and the communities in which they live. Under its American Connection Project, Land O’Lakes partnered with its ag retail
Truterra, in combination with WinField United, delivered products and services to help growers be part of the climate change solution while maintaining profitable and productive acres. This included making decision-support technologies like the Truterra Insights Engine available to more farmers, on more acres, embedding more conservation agronomy experts with local ag retailers, and fostering the market conditions to drive demand for stewardship through unprecedented food company and conservation partnerships. In July 2020, Land O’Lakes announced a multi-year alliance with Microsoft that includes pioneering new innovations in agriculture and closing the digital divide, fueling enhanced technological solutions for our members and customers.
More information about the company’s 2020 performance can be found at www.landolakesinc.com/investors.