DES MOINES, IOWA (Dec. 6, 2022) - Landus, the largest farmer-owned cooperative in Iowa, held its 7th Annual Meeting on Monday, December 5. Company and board leaders reviewed the cooperative’s record-breaking performance for the third year in a row, including financial insights, patronage, and the vision for future growth. Landus also announced the results of three board director positions and the board officers for the 2023 fiscal year.
Board of Director Elections
As announced during the Annual Meeting, elected as board directors for three-year terms are:
- Dan Ory of Earlham, Iowa
- Tim Kolder of Aplington, Iowa
- Matt Showalter of Hampton, Iowa was re-elected
In a board meeting following the Annual Meeting, officers of the Landus Board of Directors were elected as follows:
- Nate Stewart of Cedar Falls, Iowa – re-elected Chair
- Matt Chambers of Audubon, Iowa – re-elected Vice Chair
- Matt Showalter of Hampton, Iowa - re-elected Secretary/Treasurer
Appointed as associate (non-voting) members of the board are:
- Rick DeGroote of Parkersburg, Iowa
- Brett Heineman of Ogden, Iowa
- Laurie Schmidt of Nemaha, Iowa
Fiscal Year 2022 Financial Highlights
Mark Miner, Chief Financial Officer, Landus, provided a detailed report of the 2022 fiscal year financials during the Annual Meeting, including these highlights:
- Total profit of nearly $30 million compared to $17 million in 2021
- Total revenue surpassed $218 million, a 27% increase over 2021
- Total sales of $2.4 billion for FY 2022
- Total $3.3 million of patronage paid in cash
- Chemical sales grew 44% while Fertilizer sales grew 12%
- Record soy crush of 25.3 million bushels achieved at our Ralston facility
- Landus handled more than 207 million bushels of grain
Outlook
Matt Carstens, President & CEO, Landus, reflected on milestone accomplishments from the year, including the cooperative’s reinvented feed strategy focused on finding the most impactful and responsible investment opportunities for farmer-owners, an expansion of the GROW Solutions Center hub of virtual experts, and robust improvements to Landus’ supply chain positions across the grain and agronomy businesses. Carstens also previewed more to come with Landus’ robust reinvestment strategy into the insights and infrastructure needs of the future.
