Third quarter results for Land O'Lakes were solid, except for its Moark joint egg venture, according to a filing today with the Securities and Exchange Commission.
"Depressed markets had a significant impact on the company's performance in the
Eggs business, which Land O'Lakes participates in through its MoArk joint
venture," the report said.
"Average eggs prices over the first three quarters were 69-cents per
dozen, as compared to 95-cents per dozen over the same period one year ago.
Year-to-date, the joint venture is reporting $287 million in sales and a $27.6
million pretax loss, as compared to $430 million in sales and $27.0 million in
pretax earnings through September 2004. For the third quarter, the joint venture
is reporting $96 million in sales and a $5.3 million pretax loss, as compared to
$111 million in sales and $9.9 million pretax loss for the third quarter of
2004."
It makes you wonder why the rush to expand Moark's Neosho facilities.
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