Land O’Lakes revises Q3 outlook

Source: Food and Drink Digital

Date :11/14/2008 8:43:10 AM

Land O’Lakes Inc has lowered its third quarter net earnings from US$59.9 million to US$47.9 million as a result of ‘inventory valuation procedures’.

Year-to-date net earnings were also revised from the previously reported US$224.0 million to US$212.0 million. Earnings over the first three quarters of 2007 were US$137.4 million.

Net sales were marginally increased to US$9.449 billion from US$9.445 billion due to reduced return reserves in the agronomy business.

Total EBITDA was lowered from US$362.7 million year to date and US$101.2 million for the quarter, to US$350.5 million and US$89.1 million, respectively.