Minnesota-based Land O'Lakes posted $1.7 billion in sales and net earnings of $34.8 million in its quarterly earnings released today, but the overall picture could have been even better if not for its Moark layer egg division. In a news release filed with the Securities and Exchange Commission, company officials said:
"While shell volume was improved versus last year, depressed egg prices continued to have an adverse impact on earnings. For the second quarter, the company recorded $105 million in sales and a $5.8 million pretax loss in this business, as compared to $86 million in sales and a $16.1 million pretax loss in the second quarter of 2005. First-half sales in eggs totaled $213 million, with a pretax loss through June of $12.1 million. This compares to sales of $192 million and a pretax loss of $22.4 million through June of 2005. Financial results in the Layers/Eggs segment included an $8 million pretax gain on the sale of MoArk’s liquid egg processing business.
Year-to-date, shell egg volume was up 3 percent, led by branded and specialty eggs,
where volumes were up 24 percent versus the first two quarters of 2005."
Moark is based in Neosho.
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