Company: SDSYA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001163609-25-000017
Chunk: 21

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 21
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724,966)(1.5)(1,634,373)(1.1)Interest expense(1,150,926)(1.0)(1,453,991)(1.0)Other non-operating income (expense)1,059,984 0.9 1,831,300 1.2 Net income4,090,396 3.5 6,078,985 4.1 Net income (loss) attributable to non-controlling interests in consolidated entities(282,677)(0.2)604,531 0.4 Net income attributable to Company$4,373,073 3.7 $5,474,454 3.7 

Revenue – Revenue decreased by $30.3 million, or 20.5%, for the three months ended March 31, 2025, compared to the same period in 2024 due to decreases in the average sales price of soybean products. The average price of soybean oil decreased 21.4% during the three months ended March 31, 2025, compared to the same period in 2024, due to a decrease in demand from the energy sector as refining margins for biodiesel and renewable diesel producers came under pressure from overproduction, which led to production slowdowns at some location, and a trend that has continued into 2025. In addition, imports of used cooking oil and other feedstocks lower-priced alternatives to soybean oil flooded the market and directly affected soybean oil sales. The average soybean meal prices also declined by 18.7% from 2024 due to an increase in U.S. soybean crushing capacity in 2024.

Gross Profit/Loss – Gross profit decreased by $1.4 million, or 19.5%, for the three months ended March 31, 2025, compared to the same period in 2024. The decrease was mainly due to declining board crush margins which was caused by a decrease in demand for soybean oil and an increase in the U.S. soybean meal supply.

Operating Expenses – Administrative expenses, including all selling, general and administrative expenses, remained relatively constant during the three months ended March 31, 2025, compared to the same period in 2024.

Interest Expense – Interest expense decreased by $303,000, or 20.8%, during the three months ended March 31, 2025, compared to the same period in 2024