GROWMARK reported $7.3 billion in sales for fiscal year 2017, up from $7.0 billion in 2016. The company shows a pretax income of $91 million, down from $116 million the previous year.
“The fiscal year was not without its challenges, with economic conditions putting continued pressure on farm net incomes,” said GROWMARK CEO Jim Spradlin. “Warm winter weather lowered demand for home heat, and the challenges of Hurricane Harvey on the energy supply chain impacted energy results. Crop Nutrients endured a devaluation of nitrogen products during the peak spring season. Crop Protection and Seed had record or near record results. Retail Supplies and Grain had improved operations year-over-year.”
The company distributed estimated patronage refunds of $59 million to its members in a combination of cash and stock, followed by stock redemption. Highlights included record chemical sales in the Crop Protection and Crop Nutrients Divisions, record-high bushel volume and improved earning compared to 2016 reported by Retail Grain Units, higher sales volumes in the Energy Division compared to the previous year, and an uptick in soybean seed sales. Corn sales were down slightly compared to 2016.
GROWMARK has also added two new faces to its Board of Directors. Brian Hora of Ainsworth, Iowa, operates a 650-acre corn and soybean farm and has served as a director of AGRILAND FS since 2000. Andy Jones operates a 2,100-acre cash grain enterprise in Bloomdale, Ohio. He currently serves as chairman of the board at Legacy Farmers Cooperative, an FS company based in Findlay, Ohio.