Blue Diamond reports on earnings, sustainability and almonds flavored like street corn
Blue Diamond Growers, the world’s largest almond processor, reported $1.6 billion in annual income Wednesday, its second highest ever.
The cooperative held its 112th annual meeting at Modesto Centre Plaza. It also featured several new products and efforts at sustainable farming.
The income in the 2022 annual report was second only to the S1.67 billion in 2016. And it happened despite low prices for growers and supply chain troubles, President and CEO Mark Jansen told the nearly 1,000 people on hand.
“In this environment, our team members know that every penny matters,” he said.
Blue Diamond employs about 1,800 people at plants at its Sacramento headquarters and in Salida and Turlock. It is the top player in a California industry that supplies about 80% of the world’s almonds.
The annual report covers the fiscal year ending Aug. 26, roughly coinciding with the start of the next harvest. Almond processors keep nuts in cold storage as they fulfill orders from food companies around the world.
Snack nuts and milk
Blue Diamond also has its own brands for snack nuts, almond milk and several other goods. The past year brought new snack flavors such as Korean barbecue and Mexican street corn. The upcoming holiday season will feature the Naughty & Nice line, a choice between snickerdoodle or peppermint/cocoa.
The almond milk line now has extra-creamy versions aimed at consumers seeking the texture of dairy products.
Blue Diamond is among the many businesses that faced shipping backlogs resulting from COVID-19. Three years of drought also have taken a toll in some areas.
Abundance also can pose problems. California’s almond harvest hit a record 3.1 billion pounds in 2020, thanks mostly to water stored from wet years. That pushed the average price paid to growers under $2 a pound, the break-even point for many.
‘Historic’ effort on climate
Blue Diamond is promoting climate-smart farming through a $45 million grant announced in September by the U.S. Department of Agriculture.
The funding will go to diverse plantings amid the trees, which can sequester carbon while attracting pollinators and other beneficial insects. The effort also involves grinding up orchard trees that are past their prime and tilling the chips into the soil.
“This historic USDA grant is a fantastic example of what can be accomplished between government and industry stakeholders,” said Chico-area grower Dan Cummings, chairman of the Blue Diamond board.
“About 40% of the acreage farmed by Blue Diamond members is already in their sustainability program, according to a report released in October.
This story was originally published November 16, 2022 at 5:25 PM.
