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Land O'Lakes Profits on Mend
NEW YORK - Oct 24/05 - SNS -- Land O'Lakes, Inc. reported net earnings of U.S. $80.4 million on sales of $1.7 billion during the third quarter, compared to a loss of $29.9 million on sales of $1.8 billion during the same quarter last year.
This lifted fiscal year to date earnings to $130.6 million on sales of $5.6 billion, compared to net earnings of $32 million on sales of $5.8 billion during the first nine months of the previous fiscal year.
Both the year-to-date and third-quarter sales declines are due primarily to weak egg markets, with average egg prices over the first three quarters down 27% from one year ago.
Company officials have indicated in the past that the third quarter is historically the company's weakest, falling after the spring Agronomy and Seed season and before the strong holiday season for Dairy Foods. Historically, the fourth quarter is typically the company's strongest.
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