Land O'Lakes, Inc. reports record sales of $16 billion

Farmer-owned cooperative delivers 14 percent topline growth

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Mar 01, 2022, 17:30 ET

ARDEN HILLS, Minn., March 1, 2022 /PRNewswire/ -- Land O'Lakes, Inc. today reported record net sales totaling $16 billion with net earnings of $295 million for the year ending December 31, 2021, compared with net sales of $14 billion and net earnings of $266 million in 2020. The company continued to leverage its differentiated insights, strong supply positions and iconic, beloved brands to deliver strong performance across all business units.

"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 significant volume increases as farmers leveraged insights from our ag-tech platforms and invested in their crops given improved commodity market pricing driven by short supply globally. 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 Foodservice volumes saw a strong recovery as the economy re-opened in 2021. Dairy earnings were below prior year levels due to higher supply chain costs, partially offset by improved margins on both cheese and nonfat 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.

"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.

More information about the company's 2021 performance can be found at www.landolakesinc.com/investors.

Any forward-looking statements represent our current judgment on what the future holds but are subject to risks and uncertainties that could cause actual results to differ materially. Undue reliance should not be placed on these forward-looking statements, which reflect our opinions only as of the date of this presentation. We will not revise or publicly release the results of any revision to any forward-looking statements in light of new information or future events.

About Land O'Lakes, Inc.
Land O'Lakes, Inc., one of America's premier agribusiness and food companies, is a member-owned cooperative with industry-leading operations that span the spectrum from agricultural production to consumer foods. With 2021 annual sales of $16 billion, Land O'Lakes is one of the nation's largest cooperatives, 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 company does business in all 50 states and more than 60 countries. Land O'Lakes, Inc. corporate headquarters are located in Arden Hills, Minnesota.

SOURCE Land O'Lakes, Inc.