GROWMARK Reports Record Year-End Financial Results

By CnAgri2012-09-04 20:49:46 Print

Higher commodity prices and solid volume growth in most GROWMARK business units produced record sales for the cooperative for the 2012 fiscal year. Jeff Solberg, chief executive officer, announced unaudited, estimated sales of $10 billion for the 2012 fiscal year, the highest in the cooperative's history. GROWMARK's pretax income is estimated at $295 million, the second highest in the company's history.

An estimated $140 million in patronage refunds, also a company record, will be returned to GROWMARK member cooperatives and farmer-owners.

"This is our 85th year as a cooperative system and we are proud of the progress from our founding to now reporting the strongest sales numbers in our history," he said. "Our business is built around our mission to improve the long-term profitability of our member owners."

Record high sales volume for the Plant Food Division were reported, due to strong corn acreage, a good fall application window, an early spring season, and market share growth. The Seed Division increased unit sales of seed corn to a record high, while soybean sales were even with last year. And the Crop Protection Division set another sales record over last year.

Meanwhile, higher sales of agronomy application equipment and farm grain systems led to increased sales in the Facility Planning Division, as well.

The Energy Division recorded another record year for total energy volume.