CHS Reports Higher Quarterly Earnings

By CnAgri2012-07-13 19:56:22 Print

CHS Inc., the nation's leading producer-owned cooperative, reported earnings of $899.7 million through the third quarter of its 2012 fiscal year.

Earnings attributed to CHS operations for nine months of fiscal 2012 increased 19 percent over the $754.8 million recorded through the third quarter of fiscal 2011.

Revenues for the nine-month period of fiscal 2012 were $29.6 billion, compared with $26.3 billion for fiscal 2011, reflecting continued higher values for the commodity energy and crop nutrients products that comprise much of CHS business.

For the third quarter (March 1 ?May 31, 2012), CHS posted income of $405.1 million, compared with $358.5 million for the same period in fiscal 2011, an increase of 13 percent.

Revenues for the quarter were $11.0 billion, compared with $10.5 billion for the third quarter of fiscal 2011.

Earnings for the third quarter reflected strong performance across its Energy segment which includes refineries at Laurel, Mont., and McPherson, Kan.

Year over year, nine-month earnings declined within the company's Ag operations ?which consist of crop nutrients, grain marketing, oilseed processing and its Country Operations locally controlled retail service centers.

Heavy spring fieldwork demand contributed to strong performance for crop nutrients and local retail operations, with Country Operations achieving record third quarter earnings.

Lower grain marketing earnings were attributed to reduced U.S. export volumes and lower margins.