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Land O'Lakes Reports Strong Annual Results for 2020
USAgNet - 02/25/2021

Land O'Lakes, Inc. reported net sales of $13.9 billion and net earnings of $266 million for the year ending December 31, 2020, compared to net sales of $13.9 billion and net earnings of $207 million in 2019.

Net earnings improved $59.1 million compared to the prior year despite the economic challenges and volatile market conditions due to impacts of the global COVID-19 pandemic.

"While I'm proud of our performance, I am even more proud of the team who delivered it," said Beth Ford, president and CEO of Land O'Lakes, Inc. "In an evolving and difficult landscape, Land O'Lakes was able to perform. 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."

Ford says the company's 2020 earnings strength was driven by improved performance in its core Dairy Foods and Animal Nutrition businesses.

"Dairy Foods earnings were higher due to strong sales of our retail products, including butters and spreads and our Kozy Shack product lines, which more than offset volume declines in Foodservice and the impacts of commodity market volatility."

Animal Nutrition earnings were also higher due to growth in all lifestyle species -- animals like backyard flock and horse -- and improved performance in Premix.

Ford also said 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.

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