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National & World Ag News Headlines |
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GROWMARK Reports Lower Profits, Net Income in 2017
USAgNet - 12/12/2017
GROWMARK announced the results of its financial fiscal year 2017, which ended August 31. The cooperative says it had $7.3 billion in sales, up from $7.0 billion in 2016. But pretax income of $91 million is down from $116 million in 2016.
"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.
He also added that Crop Protection and Seed had record or near record results. Retail Supplies and Grain had improved operations year-over-year.
Collective efforts resulted in estimated patronage refunds of $59 million, distributed in a combination of cash and stock, followed by stock redemption.
Spradlin noted GROWMARK's leadership among cooperatives in delivering cash returns to its members and maintaining outstanding stock equity in current status.
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