Bloomington, Ill.—Growmark is projecting pretax income of $103 million on unaudited, estimated sales of $7.1 billion for the year ending Aug. 31, 2016, down from the year-ago $134 million and $8.7 billion, respectively. Estimated patronage refunds are $52 million, down from the year-ago $61 million (GM Sept. 7, 2015). “The ag economy is in a challenging cycle,” said CEO Jim Spradlin. “Many of our farmer-members and customers are feeling economic, regulatory, and environmental pressures. While we do believe the economic cycle will end with a soft landing, it could certainly be a few years before stronger demand reappears. We remain very optimistic in the long-term outlook for food demand and production.” Among crop input highlights, Growmark said the Crop Nutrients Division estimates sales volume similar to last year, and is on the cusp of a sixth consecutive year of record volume. Net income is expected to be lower than last year. Crop Protection Division sales were down 3 percent from last year, but had the third best volume and net income year in Growmark crop protection history. The Seed Division reported seed corn sales down 3 percent, offset by 4 percent growth in soybean sales. Net income is estimated to be down slightly from 2015’s record year. Growmark said its Retail Divisions internal income was up over last year. Seedway, headquartered in Hall, N.Y., saw a 15 percent increase in vegetable sales, and as a result, a record net income year.
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