News
DFA posts $1 billion in losses during 2018
The nation’s largest dairy cooperative is reporting more than $1 billion dollars in lost sales last year.
During Dairy Farmers of America’s annual meeting, the co-op reported 2018’s net income was $108.5 million with total net sales of $13.6 billion, down more than a $1 billion from the year before.
The co-ops says losses were incurred as a result of lower milk prices. DFA marketed 64.5 million pounds of milk during 2018, about 30 percent of total U.S. production.
DFA is partnering with Glanbia Nutritionals and Select Milk Producers Inc. to build a $470 million cheese and whey plant in St. John’s, Michigan which will process up to eight million pounds of milk a day starting in 2020 and help address the region’s growing milk supply.
Net sales were down $1 billion. That’s not $1 billion in losses.