American Crystal Sugar reports net earnings of US$186.7M in fiscal Q1, a 39.4% drop from year-ago period as weather issues hurt this year's crop, delayed start of sugar beet processing season
January 17, 2012
– American Crystal Sugar Co. reported net earnings of US$186.7 million for its fiscal first quarter, a 39.4% decline from the year-ago period as weather issues hurt this year's crop and delayed the start of sugar beet procession season, the Star Tribune reported Jan. 16.
The Minnesota-based company’s beet production declined 30% in tonnage compared to the prior year. Company vice president Brian Ingulsrud attributed 85% of the production decline to beet crop issues.
Weather impacted the beet crop, but Ingulsrud admitted the Aug. 1 lockout also impacted the company financially.
The U.S. Department of Agriculture reported that the sugar beet harvest declined 24% in Minnesota statewide in 2011 compared to the previous year.
The primary source of this article is the StarTribune, Minneapolis, Minnesota, on Jan. 16, 2012.