Land O'Lakes profit drops 30% despite sales increase

Updated: July 31, 2012 - 7:31 PM

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Land O'Lakes Inc.'s second-quarter earnings dropped 30 percent, hampered by a weak economic environment and excess milk supplies.

The Arden Hills-based co-operative posted earnings Tuesday of $47.3 million, compared with $67.1 million a year earlier. Its sales of $3.6 billion were up a tad from $3.5 billion in last year's second quarter.

"Earnings across business units are mixed as we face continuing challenges from the struggling national economy and volatile markets," Land O'Lakes CEO Chris Policinski said in a news release.

Land O'Lakes' businesses include dairy foods, eggs, livestock feed and pest control products.

MIKE HUGHLETT