WESTCO, the Western Cooperative Company, had the best year in its 80-year history in fiscal 2021.
President and CEO David Briggs told WESTCO’s 80th annual meeting last week that $4-million dollars will be going back to members: $2.1-million to all members and another $1.9-million to those 70 or older.
WESTCO had $124-million in sales with a net savings, essentially profit, of $11.4-million. Briggs said a federal Paycheck Protection Program loan made the year a record-setter, but that it would have been the 3rd-best even without it.
WESTCO sold 3% more propane, 6% more fuel, 13% more feed, and 25% more in chemical volume with a record yearly tonnage total for fertilizer.
Briggs said fiscal 2021 was a good one for WESTCO’s farmers and that when they do well, the coop does well.
Looking to the new year, he said input costs and fertilizer are concerns for many producers, but that the coop believes it will have adequate inventories but with prices higher than last year.
Briggs also encouraged members to meet with their accountants and agronomists to take advantage of marketing opportunities and lock in profits.