EP 171: Current Markets, Acreage Shifts, & Dream Hunting Trip
February 4, 2025
EP 172: Thriving or Surviving, Risk Exposure, & Fun Facts
February 11, 2025
As we reflect on 2024, Premier Companies is proud of another year of dedication, growth, and service to our member-owners. Despite the challenges faced in an unpredictable world, we remain committed to financial stability, operational reinvestment, and returning success to those who trust us with their business. We look forward to continuing to build on this foundation throughout 2025 to ensure long-term success for our farmer-owners and the communities we serve.
Reflecting on 2024
The last year had its share of economic fluctuations, global uncertainty, and industry challenges, but Premier was able to deliver a normal financial performance. CEO Harold Cooper highlighted this in his annual address, noting, “For Premier in fiscal 2024, we are pleased to report a more normal year as it relates to bottom line earnings. Our year-end total was just over $14 million dollars pretax.”
Our financial strength in 2024 has allowed Premier to support the following core priorities:
- Maintain a strong balance sheet
- Reinvest back into operations
- Invest in new technologies, markets, and innovations
- Return a portion of our success back to our member owners.
Investing in Our Future
One of Premier’s main priorities each year is being able to invest in our future to continue facilitating growth and success throughout the communities we serve. One way we are able to do this is through investing in our employees. We have taken deliberate steps to remain competitive in wages and benefits while improving healthcare offerings for families. “Employees are our most important asset, and we strive to make Premier an employer of choice,” Cooper emphasized. This includes specialized programs for employees managing health challenges and an 11% contribution towards retirement savings.
Another way in which Premier has been able to invest in the future over the past year is through facility upgrades and expansion. The near completion of our Campbellsburg crops site in Indiana will replace our Mitchell and Salem branches, strengthening storage capacity and operational efficiency. Additionally, in the energy sector, we are consolidating four different fuel sites into a state-of-the-art facility in Shelbyville, Kentucky. This modernization effort ensures that we continue delivering high-quality service while optimizing logistics.
Along with our employees and expansion efforts, investments into new technologies like TRAX, Truterra, drones, and robotics help us meet the ever-changing needs of our farmer-owners.
Returning Success to Member-Owners
A key part of our cooperative mission is sharing our success with those who make it possible. In 2024, We returned 100% of the earnings generated on farmer-owner sales back to our owners, distributing over $4 million through patronage and equity redemption. Chairman Craig Klinge acknowledged this commitment, stating, “While my definition of success might be different than yours or a neighbor’s, any success we find these days would not be possible without those founders and all the other farmer-owners who have contributed to building our cooperative.”
To learn more about what has been happening over the last year at Premier, download our full 2024 Annual Report.
Looking Ahead to 2025
As we approach our 98th year in business on February 11, 2025, we remain committed to our guiding principles. Several initiatives will shape the upcoming year:
- Continued Infrastructure Investments: Our focus remains on upgrading bulk fuel plants in Indiana and Kentucky, consolidating operations to increase efficiency.
- Technology and Market Expansion: Innovations in TRAX, Truterra, drones, and robotics will continue to position Premier Companies as a leader in agricultural and energy solutions.
- Equity Redemption Progress: We are on track to fully redeem equity assigned prior to 2015 by 2027, with this year’s equity portion of patronage projected for redemption in 2035, which falls in line with our target of a 10-12 year redemption plan.
- Customer-Centric Service Enhancements: The Premier Propane division remains dedicated to ensuring customers never run out of fuel, with ongoing efficiency improvements and proactive service models.
Premier Companies remains a pillar of strength and reliability for our member-owners. Through financial stability, strategic investments, and unwavering dedication to service, we are prepared for the opportunities and challenges that 2025 may bring. As we step into the new year, we express our deepest gratitude to our employees, customers, farmer-owners, and board members who make our continued success possible.
