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Over the last two weeks, AGP hosted a series of Area Information Meetings for its members at locations in Iowa and Nebraska. The Area Information Meetings featured presentations from AGP senior leadership about the current business operations and strategy of the Company, market insights and analysis, and preliminary projections on financial results for fiscal 2017.
“I would like to express our appreciation for your support and for your business because that is certainly a key part of what makes AGP successful, especially in this cyclical downturn that is a part of agriculture,” AGP CEO Keith Spackler reported to the members present. “I am especially proud of the AGP team for optimizing our returns and success in the current marketplace.”
While AGP’s earnings will be down from fiscal 2016, they will still be among the upper third in the Company’s 34-year history. “Given the market conditions and headwinds we faced, earnings for fiscal 2017 reflect a good year driven by strong performance by all of our business units,” reported Scott Simmelink, CFO. “AGP’s patronage and cash returns continue to be at very solid levels and the financial strength of your cooperative remains very strong.” In addition to returning cash to members, Simmelink said that AGP’s capital expenditures over the past five years are allowing the Company to continue its strategic growth objectives.
Cal Meyer, COO, reviewed AGP’s capital investment projects completed or underway in fiscal 2017. These included a new soybean oil refinery and a major expansion of the soy biodiesel plant in Sergeant Bluff, IA; soybean receiving upgrade at St. Joseph, MO; and ground breaking for construction of a new soybean processing plant in Aberdeen, SD that is scheduled to be operational in 2019. Meyer also reported on a record year at AGP’s export terminal at the Port of Grays Harbor in Aberdeen, WA. “Export volumes at the Port are solid considering current world market conditions,” he added.
Other AGP team members provided updates on commodity markets and the individual business groups.
AGP’s fiscal year ends August 31. Complete financial information on fiscal 2017 will be presented to cooperative members in the 2017 Annual Report along with management reports at the upcoming Annual Meeting in January.