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Land O'Lakes Profits Slide
NEW YORK - Feb 3/05 - SNS -- Land O'Lakes, Inc. today reported 2004 net earnings of $20.1 million, down sharply from $82.0 million for 2003.
Excluding unrealized hedging, impairments, litigation benefits and restructuring charges, 2004 pretax earnings were $84.8 million, versus comparable results of $66.7 million in 2003.
For the fourth quarter, Land O'Lakes reported a net loss of $11.9 million, as compared to net earnings of $39.1 million for the fourth quarter of 2003. Excluding unrealized hedging, impairments, litigation benefits and restructuring charges, fourth quarter pretax earnings were $27.1 million in 2004, versus comparable results of $39.9 million in 2003.
Year-end sales totaled $7.7 billion, a 22% increase over 2003 sales of $6.3 billion. Fourth quarter sales of $1.9 billion represented a 1% increase over the fourth quarter of 2003.
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