|By PR Newswire||
|February 25, 2014 11:34 AM EST||
MINNEAPOLIS, Feb. 25, 2014 /PRNewswire/ -- Land O'Lakes, Inc., today announced record annual sales of $14.2 billion, up 4.4 percent from the prior year, and record net earnings of almost $306 million, a 27 percent increase over the prior year. The strong 2013 results continue a trend of significant growth during which the farmer-owned, Fortune 200 food and agriculture cooperative has more than doubled annual sales and grown net earnings by more than 330 percent over the last seven years.
"Our strong 2013 performance builds on our success of the last seven years," said Land O'Lakes, Inc., President and CEO Chris Policinski. "The record-setting year in Dairy Foods, combined with the continued strong performance of WinField, exemplify our commitment to delivering the products, programs and services that provide the greatest value for our customers and members alike."
Overall results for 2013 also included a record return of $147 million to members, representing a 30 percent increase in patronage compared to 2012. This is the fifth consecutive year cash to members has exceeded $100 million, bringing the seven-year total to more than $750 million.
A number of strong performances across Land O'Lakes' core businesses drove the favorable year-end results including:
- Dairy Foods – 101 percent year-over-year growth in pretax earnings,
- Crop Inputs – Greater than $200 million in pretax earnings for second consecutive year and
- Feed – 12 percent annual sales growth in Companion Animal and $25 million annual sales increase in Lifestyle Feed compared to 2012
For the quarter ending December 31, 2013, Land O'Lakes delivered net earnings of $108 million, a 19 percent increase compared to Q4 2012. Fourth quarter pretax earnings were driven by a 306 percent increase in Feed, and a 421 percent increase in Layers compared to Q4 2012.
"Our strategic direction is clear: Deliver strong financial performance while continuing to enhance our capabilities for future growth," Policinski said. "We will continue to make strategic investments in our core businesses – from agriculture to animal nutrition to the dairy case."
Land O'Lakes, Inc. Businesses
Dairy Foods generated record pretax earnings of $75 million on sales of $4.5 billion, up 8 percent from 2012. This year's results, Dairy Foods' highest earnings ever, were driven by improved margins on milk powders and butter in Global Dairy Ingredients along with records in sales volume and earnings in our Retail Foods and Foodservice businesses.
Demonstrating continued success in the agriculture market, Crop Inputs, operated through WinField Solutions, delivered $218 million in pretax earnings on sales of $4.76 billion. The performance in Crop Inputs is a direct result of strategic decisions to focus on key business segments with strong margins such as herbicides, insecticides and fungicides; seed treatments, adjuvants, micronutrients and plant growth regulators; and corn and alfalfa seed.
Feed, operated through the Purina Animal Nutrition business, delivered $18 million in pretax earnings on sales of $4.77 billion, a 5 percent increase over 2012. While unfavorable commodity markets and trading results resulted in a decline in year-over-years pretax earnings, Purina's overall volumes in the Lifestyle business increased, including strong advances in the Companion Animal business.
Layers, run by the Company's subsidiary, Moark, LLC, recorded sales of $259 million. Pretax losses of $25 million in 2013 represent a $14 million year-over-year performance improvement compared to 2012. While challenges related to supply issues and high feed prices relative to egg prices impacted our Layers business, an extensive focus on cost savings and improved operational efficiency drove the financial improvements in 2013.
The complete 2013 Land O'Lakes, Inc. Annual Report and related financial data is available on the Land O'Lakes website at http://www.landolakesinc.com/investors
About Land O'Lakes, Inc.
Headquartered in Arden Hills, MN, Land O'Lakes, Inc., is one of America's premier agribusiness and food companies and is a member-owned cooperative with industry-leading operations that span the spectrum from farm production to consumer foods. With 2013 annual sales of $14.2 billion, Land O'Lakes, Inc., is one of the nation's largest cooperatives, ranking #194 on the Fortune 500. Building on a legacy of more than 93 years of operation, Land O'Lakes, Inc., today operates some of the most respected brands in agribusiness and food production including LAND O LAKES® Dairy Foods, Purina Animal Nutrition, WinField and Geosys. The company does business in all 50 states and more than 60 countries. Land O'Lakes International Development is a division of the company helping to transform lives through agriculture and enterprise partnerships that are enhancing profitability and food security in developing countries around the world. Since 1981, this division has helped generate economic growth and improve the quality of life for millions of people through more than 275 projects in 76 developing nations.
Forward Looking Statements
Certain statements made in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements regarding management expectations, strategic objectives, business prospects, anticipated savings, financial results, anticipated results of litigation and regulatory proceedings and other similar matters are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.
SOURCE Land O'Lakes, Inc.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Sep. 27, 2016 11:15 AM EDT Reads: 946
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Sep. 27, 2016 11:00 AM EDT Reads: 1,585
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 27, 2016 11:00 AM EDT Reads: 1,624
I’m going to cry tonight, long and hard. I’ll do so as I remember and mourn Jeremy Geelan. I knew Jeremy for almost 20 years, from the time he showed up one day at Cloud Expo’s headquarters in Bergen County, New Jersey, and went to work. The show wasn’t called Cloud Expo then, of course – it was still known as Java Edge, a pioneering event that grabbed developers, architects, and enterprise IT users alike for twice-yearly confabs. Jeremy didn’t have a job there, or even a job offer. He was s...
Sep. 27, 2016 11:00 AM EDT Reads: 3,746
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Sep. 27, 2016 11:00 AM EDT Reads: 2,681
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Sep. 27, 2016 10:45 AM EDT Reads: 3,388
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Sep. 27, 2016 10:30 AM EDT Reads: 4,520
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 27, 2016 10:30 AM EDT Reads: 2,185
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...
Sep. 27, 2016 10:30 AM EDT Reads: 2,849
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Sep. 27, 2016 10:15 AM EDT Reads: 3,150
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 27, 2016 10:00 AM EDT Reads: 2,296
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Sep. 27, 2016 10:00 AM EDT Reads: 2,177
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
Sep. 27, 2016 10:00 AM EDT Reads: 1,038
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Sep. 27, 2016 09:30 AM EDT Reads: 2,685
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Sep. 27, 2016 09:15 AM EDT Reads: 2,311