Land O’Lakes Inc. posted record sales and earnings in 2013, anchored by a robust year for its dairy foods business.
The Arden Hills-based cooperative said Tuesday it had annual revenue of $14.2 billion, up 4.4 percent over 2012. Net earnings for 2013 were $306 million, a 27 percent increase.
Land O’Lakes is one of the nation’s largest agricultural cooperatives, best known for its Land O’Lakes dairy products. With strong profits in 2013, the co-op’s members received a record payout of $147 million, up 30 percent over 2012.
Land O’Lakes’ dairy business had record pretax earnings of $75 million, up 101 percent over a year ago. The dairy segment’s sales were $4.5 billion, an 8 percent increase. Improved profit margins on butter and milk powders helped power the strong performance.
WinField Solutions, Land O’Lakes’ pesticide and herbicide business, recorded $218 million in pretax earnings on sales of $4.76 billion. The company’s feed business, Purina Animal Nutrition, delivered $18 million in pretax earnings on sales of $4.77 billion.
Moark, Land O’Lakes’ egg production subsidiary, had sales of $259 million and a pretax loss of $25 million. Moark’s losses in 2013 were less than in 2012, but high hen feed costs continued to hurt the business.