USA – America’s premier agribusiness and food company Land O’Lakes, Inc., delivered a 14% topline growth in 2021 with net sales rising to US$16 billion, eclipsing the US$14 billion recorded in 2020.
Net earnings for the year ending December 31, 2021, amounted to US$295 million, a significant improvement from the US$266m achieved a year prior.
“Land O’Lakes 2021 performance was most directly the result of the incredible work and resilience of our teams,” said Beth Ford, president and CEO of Land O’Lakes, Inc.
Within the Land O’Lakes businesses, crop inputs saw volume increases as farmers leveraged insights from ag-tech platforms and invested in their crops.
Crop inputs also benefitted from improved product mix in crop protection and higher margins in crop nutrients.
At the same time, the business realized supply chain efficiencies from strategic actions including location consolidations and structured deliveries that provided offsets to increased transportation and handling costs.
Dairy foods retail volumes remained elevated from pre-pandemic levels and the company said foodservice volumes saw a strong recovery as the economy re-opened in 2021.
Dairy earnings were however below prior-year levels due to higher supply chain costs, partially offset by improved margins on both cheese and non-fat dry milk.
Animal nutrition continued to grow its lifestyle feed volumes but overall earnings were below prior year levels, also due to higher supply chain costs, in addition to higher ingredient costs.
Land O’Lakes, Inc is a member-owned cooperative with industry-leading operations that span the spectrum from agricultural production to consumer foods.
The impressive 2021 results firmly cement the company’s position in America’s prestigious list of large companies, ranking 219 on the Fortune 500.
Building on a legacy of more than 100 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 Arden Hills, Minnesota-based company has business in all 50 states of the United States and in more than 60 countries globally.
“We move into our next 100 years with confidence for the future, our business positioned for the long-term, continuing to serve our members and advocate for their communities,” Ford said.
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