Land O'Lakes in 2023 achieved net sales of $16.8 billion and net earnings of $258 million, according to its 2023 Annual Report. 

The Arden Hills, Minn.-based company, which placed No. 2 on Dairy Foods 2023 Top 100 did see a revenue decline of 12% in 2023, compared to 2022, when the cooperative's revenues reached $19.226 billion. 

However, the company stressed its dairy foods performance was excellent throughout 2023. Instead, Animal Nutrition, which the company called a "business in transition," was affected by "competitive market pressures, consumer price sensitivity and lower private-label volumes in the Lifestyle business."

Regarding dairy foods, a letter issued by Beth Ford, CEO, and Rick Brand, chairman of the board, stated earnings "showed significant improvement, as business returned to more pre-pandemic rhythms with strong fourth-quarter results. The business unit saw expanded retail margins driven by higher pricing levels, volume growth in our Branded Butter and Foodservice businesses and lower input and distribution costs."