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Land O' Lakes Inc. Posts 2021 Financial Results

 03/09/2022

Land O' Lakes Inc, the world's largest cooperative posted results for their Centenary Year 2021 on March 1st.  The Cooperative membership includes 902 retail store-owners, 1,565 dairy farmers and 651 members producing crops and livestock. 

 

For the fiscal year 2021 ending December 31st, net earnings were 11 percent higher than the previous year at $295.1 million.  Net sales increased by 14.1 percent to $15,916 million.  For the major business units, pre-tax earnings for Animal Nutrition attained $41 million, crop inputs $208 million and Dairy Foods $46 million.

 

Land O' Lakes posted total assets of $9,560 million on December 31st with long-term debt of $1,232 million comprising employee benefits, commitments and contingencies.  Land O' Lakes allocated $183.9 million to patronage and assigned $101 million to retained earnings.

 

Comments included in the 2021 release included:

  • Crop Inputs benefited from increases in volume with higher margins in Crop Nutrients and an improved mix in Crop Protection.  The cooperative achieved supply chain efficiencies through consolidation of locations and structured deliveries.
  • Dairy Foods achieved higher volume from sales to the food service sector following the post-pandemic reopening of the economy. Earnings were impacted adversely by higher supply-chain costs.
  • Animal Nutrition posted lower earnings compared to FY 2020 due to higher input costs including ingredients.

 

In commenting on performance, Beth Ford, President and CEO stated, "Land O' Lakes  performance in 2021 was the result of the incredible work and resilience of our teams".  She added, "As we move into our next 100-years with confidence for the future, our business position for the long-term will be continuing to serve our members and to advocate for their communities".

 

As a historical note, during the early 2000’s Land O' Lakes was the fourth largest egg producer in the U.S. with regional divisions in the west, mid-west and northeast. After sustained losses the production complexes were divested and contract arrangements were terminated. Land O' Lakes  now benefits from a 50 percent shareholding in the  Eggland's Best cooperative.