PRESIDENT’S CORNER
Now that summer is in full swing and the heat is on, there’s no denying that harvest season is fast approaching. It’s also a good time to reflect on where we are and how far we’ve come.
I was glad to see many of you at this year’s District Meetings to hear your perspectives firsthand and answer your questions. Those conversations are an important reminder that everything we do begins with the trust and partnership we share with our growers. One thing those meetings reinforced for me is just how much Blue Diamond ’s longevity matters right now. For more than a century, this cooperative has adapted to changing markets, new opportunities and industry challenges. That level of resiliency and experience takes time to build, and it’s what allows us to be here for our growers today, especially during times when market conditions are constantly changing. Building that stability requires making decisions with the long term in mind, and our plant exit from Sacramento is a great example of that. While the sale itself is significant, the real value lies in the permanent savings we will achieve by consolidating our operations. When I first joined Blue Diamond , I was told this couldn’t be done. It hasn’t been easy, but thanks to the hard work of our team, we’ve built a stronger and more efficient business that will benefit growers for decades to come. Those decisions, along with others we’ve made over the last few years, have strengthened our balance sheet and improved our overall position. While last year was undoubtedly disappointing in terms of returns, some of the changes we have made will help better protect the cooperative during tough market
conditions. Our balance sheet today gives us the flexibility to navigate market volatility, invest in our brands and continue creating value for growers. While there is always some risk, we are encouraged by what we’re seeing as our fiscal year approaches closure. We went through some short-term pain for long-term gain. The decisions we made at the beginning of this journey are helping us deliver a stronger business and position us for an overall stronger performance over the long term. Global markets will continue to be volatile, but our supply chain actions have helped us to leverage a more dynamic sales strategy, allowing us to be more agile and sell when market conditions are most favorable for growers. At the same time, our balance sheet continues to strengthen, and we’re looking forward to seeing those efforts translate into stronger outcomes for growers. This year we also released our own crop estimate report, drawing on grower surveys and field observations across California’s almond-growing regions. As Mel is quick to remind us, it remains an estimate, and the picture may change once crop receipts arrive. As it stands, our estimate is in the range of 2.6 to 2.7 billion pounds with a midpoint of 2.65 billion pounds. It is still early, but most of the industry is focusing around a similar number, and we are optimistic that this crop will command a strong price for growers.
Kai Bockmann President & CEO
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ALMOND FACTS
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