Land O'Lakes, a farmer-owned cooperative, reported record 2012 net income of $241 million, up 31 percent over the year before, the Star Tribune reports. Sales were up 10 percent to a record $14.1 billion.

The Arden Hills-based company also returned $113 million to its farmer members last year, according to a news release. This is the fourth consecutive year it has returned more than $100 million to members.

“This consistent, positive performance is a direct result of the continuing implementation of strategies designed to build our value-added, branded businesses in Dairy Foods, Feed and Crop Inputs,” Chris Policinski, president and CEO of Land O’Lakes, said in a statement. “These are strong, growing segments of agribusiness.”