From J-W Staff and Wire Reports
Farmland Industries Inc. said it earned $58.8 million during its latest fiscal year, a year in which profits were restrained by lower prices for many of its agricultural products and its energy reserves.
A year ago, the Kansas City-based cooperative earned $135.4 million.
Farmland, which employs about 250 people at a fertilizer plant in Lawrence, also announced patronage refunds of $59.1 million to its member owners, including more than $32.5 million in cash through refunds and equity redemptions. Earlier this year, Farmland paid a special equity redemption of about $50 million.
Farmland said it sold more tons of fertilizer and feed, more gallons of fuel, bushels of grain, and pounds of pork and beef this year than last. But lower prices for most of these products cut into the cooperative's total sales.