Land O’Lakes Inc., one of the biggest U.S. farm cooperatives, said first-quarter profit more than tripled as the reopening of businesses lifts demand for dairy.
Net earnings surged to $136 million from $37 million a year earlier. Sales rose 4% to $3.9 billion, Land O’Lakes said in a statement Thursday.
The Minnesota-based butter and cheese maker reported gains across all business units. Land O’Lakes is reaping benefits as U.S. restaurants and schools reopen amid easing pandemic restrictions, which is bolstering the market for dairy products. At the same time, the biggest grains market rally since 2013 is prompting U.S. farmers to plant more crops, which is helping its segment that sells crop nutrients, herbicides and seed treatments.
The farmer-owned cooperative said the quarter ended March 31 was the “strongest of the past decade.”