Land O'Lakes, Inc. released its 2011 financial results on Thursday which included record sales and the company's second-highest net earnings.
Highlights of 2011 included:
- Record net sales of $12.8 billion, up from $11.1 billion in 2010.
- Net earnings of $182 million, the second-highest in Land O'Lakes' history, up from 2010's $178 million.
- $108 million in cash returns to members, the cooperative's third-highest annual cash return.
Chris Policinski, Land O'Lakes President and Chief Executive Officer, noted that the results reflect strong performance in a challenging economy and volatile marketplace.
"These results also continue a trend of strong performance," Policinski said in a news release. "Over the past three years, Land O'Lakes delivered its top three years in net earnings and cash returns to members, as well as two of our top three years in net sales."
The positive results were driven by the strength of Land O'Lakes' brands; solid performance by new products; a continued focus on operating efficiency and risk management; and the pursuit of strategic growth initiatives.
"Agriculture and food production are among the best growth industries of our era," Policinski added. He cited the increasing demand for food, driven by an expanding global population, which is expected to increase from nearly 7 billion people today to more than 9 billion by 2050.
"Our performance, strong balance sheet and market momentum position Land O'Lakes to capitalize on growth opportunities in the marketplace, and deliver greater value for our members and customers."
Land O'Lakes 2011 net sales totaled $12.8 billion, up 15 percent from 2010's $11.1 billion. These results include record revenues in the company Dairy Foods, Feed and Crop Inputs businesses.
For the full report, click here.