Riceland Foods Reports Over $1 Billion in Revenue at Annual Membership Meeting

STUTTGART, Ark. (November 14, 2024) – Riceland Foods reported over $1.3 billion in revenue to its members, staff and guests in attendance at the cooperative’s Annual Membership Meeting on Thursday at the Grand Prairie Center in Stuttgart, Ark.

Riceland Chief Executive Officer Kevin McGilton welcomed and shared the current state of the cooperative and the business outlook. The program highlighted the Riceland Foods Foundation, the cooperative’s government affairs work, and the Riceland Carbon Ready Program as three key areas of impact that support the cooperative’s mission of helping farmers feed the world sustainably.

“Achieving the successful future state of our cooperative will take more than the board or district council members,” McGilton said. “It will take all members willing to play a role as old as the cooperative model itself, willing to come together collectively to achieve more than we can individually.”  

Riceland’s Chairman of the Board of Directors Rich Hillman shared his vision for the future is rooted in understanding the history of the cooperative.

“I think that to make sound decisions in the future, we must be ever mindful of the past,” Hillman said. “But we can’t navigate forward using the rearview mirror. Our staff and our board of directors are very focused on the success of the cooperative for its members. We know it means so much to so many of you.”

Chief Financial Officer Craig Parr gave the financial results for the fiscal year 2024. He reported a total revenue of $1.3 billion, with a distribution to members of $918 million. Parr also shared specific figures for the long grain and soybean seasonal pools, which paid out $6.69 and $12.74 per bushel, respectively.

The meeting also had an air of celebration and recognition for its members, industry partners and employees. McGilton recognized four retiring directors from the Riceland Board of Directors. Wayne Allmon of Pollard, Ark., and Ken Hall of Des Arc, Ark., served 24 years on the cooperative’s board of directors. Fred Schmidt of Jonesboro, Ark., served 15 years, and Brandon Bauman of Stuttgart, Ark., served 12 years.

Adam Shea, vice president of government affairs and sustainability, recognized Arva Intelligence as the recipient of the 2024 Riceland Friend of the Farmer Award. Shea shared how the Arva team has been a true partner in the creation, implementation, and success of the Riceland Carbon Ready Program.

"Through our partnership with Arva Intelligence, the Riceland Carbon Ready program issued over $4 million in farmer payouts in 2023. We successfully tracked key sustainability metrics like greenhouse gas emission reductions and water savings, providing climate-smart solutions for our valued customers,” Shea said. “Arva's commitment to learning the technology landscape and creating solutions to address the ever-evolving sustainability sphere of agriculture makes them more than worthy of Riceland's Friend of the Farmer award. This success story inspires hope and a brighter future for sustainable agriculture.”

Ashten Adamson, vice president of marketing and communications, took a moment to recognize the outstanding contributions of 16 employees who were nominated by their peers for Riceland's Grow Good Employee of the Year and Manager of the Year awards.

“These team members go above and beyond, have outstanding work ethics, are willing to help others, and maintain a positive attitude,” Adamson said. “They represent Riceland well inside and outside the workplace, and today Riceland recognizes them for their outstanding work.”

The 2024 Grow Good Employee of the Year was Sheila Whited from the Jonesboro Rice Division, and the 2024 Grow Good Manager of the Year was Jimmy Brumley from the Newport Grain Drier. Whited has been on the Riceland team for 43 years, and Brumley has been with Riceland for 37 years.  

The cooperative also featured industry-led breakout sessions on crop insurance, weed management, drone application, and data-gathering tips for the Riceland Carbon Ready Program. These sessions were designed to provide our members with practical knowledge and tools to enhance their farming operations.

“We wanted to give our members an opportunity to come together and learn about new resources and innovations that could help them in their operations,” McGilton said. “As a farmer-owned cooperative, we want to support our members with relevant and timely information, while we create opportunities for deeper connections.”