Land O'Lakes Inc. posted net income of $18 million in the third-quarter, compared to a $30 million loss a year earlier, the Star Tribune reports. The Arden Hills-based co-op also reported a seven percent increase in sales.
The strong quarterly figures were "driven by significantly improved results in Dairy Foods and sharply higher earnings in our Feed operations, Purina Animal Nutrition," Land O'Lakes CEO Chris Policinski said in a statement.
Land O'Lakes said its second-quarter earnings fell 29 percent, due to softness in its flagship dairy foods business, though sales continued to grow.
For the first nine months of the year, earnings were $150 million, up eight percent from $138 million in the same period a year ago, Food Business News reports.