Land O’Lakes Q2 Net Earnings Up

Land O’Lakes, a farmer-owned food and agricultural cooperative, has reported net earnings of $102.8 million for the second quarter of 2008, compared to $79.5 million for the same quarter of 2007.

Net sales were $3.3 billion for the second quarter of 2008, compared to $2 billion for the same quarter of 2007. For the second quarter of 2008, total EBITDA was $154 million, compared to $112.4 million for the same period of 2007.

For the first six months of 2008, net sales were $6.6 billion, compared to $4.2 billion for the same period of 2007. Net earnings were $164.1 million, compared to $132.1 million for the same period of 2007. Total EBITDA was $261.4 million year to date, compared to $210.6 million for the same period of 2007.

Chris Policinski, CEO of Land O’Lakes, said: “Our positive first-half results, in this challenging environment, reflect a combination of strong markets, good performance in key branded, proprietary product lines, an ongoing commitment to best-cost discipline and the diligent efforts of a dedicated leadership team and workforce.”