Land O'Lakes, a farmer-owned food and agricultural cooperative, has reported that its net earnings increased by 31% to $241m for the fiscal 2012, compared to $184m in 2011.
The company's net sales for the year increased by 10.2% to $14.1bn, compared to $12.8bn in the previous year.
Land O'Lakes president and chief executive officer Chris Policinski said this consistent, positive performance is a result of the continuing implementation of strategies designed to build the company's branded businesses in dairy foods, feed and crop inputs.
"Our growth strategy is fueled by the generation of cost savings and the enhancement of revenues in our businesses through a program we call Total Margin Management," Policinski added.
As of 31 December 2012, the company's total debt, including capital leases, was $1.2bn, compared to $915m in 2011.
Land O'Lakes, a US-based food and agriculture company, is a supplier of dairy-based consumer, foodservice and food ingredient products. It operates in more than 60 countries globally.
