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Business news and notes Tuesday, November 11, 2008
Land O'Lakes reports higher sales, profits
ARDEN HILLS, Minn. -- Land O'Lakes is reporting third-quarter net sales of $2.9 billion and net earnings of $59.8 million for the third quarter.
Those numbers compare to $2.1 billion in net sales and earnings of $5.2 million for the same quarter last year.
Year-to-date, Land O'Lakes reports net sales of $9.4 billion and net earnings of $224 million. That compares to $6.3 billion and $137.4 million in 2007.
Land O'Lakes CEO Chris Policinski said the company's solid performance was achieved despite significant challenges in terms of market volatility, increased energy, transportation and ingredient costs, and the continuing impact of economic uncertainty.
Midwest survey suggests dour economic outlook
OMAHA -- A survey of Midwest and Plains supply managers from nine states suggests they are dour about the regional economy.
In the report on the Mid-America Business Conditions survey issued last week, the overall economic index plummeted to 39.9 in October from 49.6 in September and 51.4 in August.
Any score below 50 on the index, which ranges between 0 and 100, indicates a contracting economy over the next three to six months.
"In the 14 years that we have conducted the monthly survey, October's was the weakest ever," said Creighton University economics professor Ernie Goss, who oversees the survey. "The regional economy is now in a recession, and I expect the downturn to deepen in the months ahead."
The survey respondents were pessimistic about recovery as well.
R-CALF offers health care opportunity
BILLINGS, Mont. -- R-CALF USA is offering members the opportunity to purchase health insurance through America's Healthplan Consultants.
"Most of our members are self-employed, independent business owners who find that health insurance is a major expense, yet they don't have access to any kind of clearing house for the various health insurance programs that may be available to them,'' said Bill Bullard, CEO of R-CALF. "By making a single phone call, this new service will assist our members who do not have adequate or affordable health insurance.''
Terra reports higher earnings for quarter
SIOUX CITY, Iowa -- Terra Nitrogen Company is reporting net income of $106.2 million on revenues of $246.6 million for the third quarter that ended on Sept. 30.
This compares to net income of $45.6 million on revenues of $113.2 million for the 2007 third quarter.
Terra said the improvement in earnings over last year was due to higher nitrogen product selling prices and sales volumes, which were partially offset by higher natural gas costs. Low grain inventories supported strong U.S. nitrogen demand and selling prices for the third quarter.
Kuhn North America offers new products
BRODHEAD, Wis. -- Kuhn North America of Brodhead has introduced its new DC 301 and DC 401 integral Sub-Soilers/Soil Looseners for use with 10-foot and 13-foot Kuhn EL Power Tillers and HR Power Harrows.
The DC units mount between the tractor and PTO-driven tillage tool to fracture and loosen soil and hard-pans, combining two tillage passes in one.
Kuhn North America products are sold throughout the United States, Canada and many other countries.
John Deere acquires ReGen Technologies
MOLINE, Ill. -- Deere & Company says it has acquired full ownership of ReGen Technologies, a remanufacturing company located in Springfield, Mo. Deere had already owned 50 percent of the business.
Deere said the operations will be more fully integrated with remanufacturing operationed in Edmonton, Alberta, and the overall name of the business will be Deere Reman.
CCC offers $3.5 billion in export guarantees
WASHINGTON -- USDA is offering $3.5 billion in credit guarantees for the 2009 fiscal year. The Commodity Credit Corporation administers the export credit guarantees for commercial financing of U.S. ag exports.
The guarantees encourage exports to buyers in countries where credit is necessary to maintain or increase U.S. sales, but where financing may not be available without CCC guarantees.
"This program provides the opportunity to our overseas customers to obtain credit that in many cases they wouldn't be able to get as a result of the volatile state of the global economy,'' said Ken Hobbie, U.S. Grains Council president and CEO.
CoBank reports higher income, loan volume
DENVER -- CoBank, a cooperative bank serving agribusinesses and rural utilities throughout the United States, reports its net earnings for the first nine months of 2008 increased 48 percent to $449 million. That compares to $304 million for the same period a year ago.
The bank reported strong growth in loan volume, net income and regulatory capital as well as continued good overall credit quality.
Net interest income increased 42 percent to $672 million from $474 million the year before.
Total loans and leases outstanding for CoBank were $43.1billion on Sept. 30, compared to $40.5 billion at year-end 2007.
DFA hires Gomes as chief operating officer
KANSAS CITY -- Dairy Farmers of America has hired Keith Gomes as its new chief operating officer.
Gomes has more than 20 years of production and business management experience in the dairy industry. He began his career with production and supervision roles at Golden Cheese and was later involved in quality assurance and plant management in the Adohr Farms fluid and cultured facilities in California.
Most recently, Gomes has been senior vice president and chief operating officer for California Dairies, Inc.
Agri-King makes improvements to Silo-King line
FULTON, Ill. -- Agri-King says it has made improvements to its Silo-King line of forage ensiling and preservation products.
The company says the improvements in the formulation enhances the product's ability to preserve nutrients and maximize the digestibility of corn silage, haylage and baled hay.
"With the new Silo-King, we have an even better opportunity for feed efficiency to approach two to one based on the trials we have conducted,'' said David Casper, vice president of nutrition for Agri-King.
First National Bank offers First AgRewards
OMAHA -- First National Bank of Omaha has launched First AgRewards, an agribusiness revolving line of credit through the convenience of a Visa credit card.
First AgRewards offers rewards points redeemable for cash or merchandise, detailed monthly and annual statements for tax planning, and the flexibility to select the month in which full payment of the account will be due. |
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