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Sales and income lower at CHS
CHS Incorporated, the nation’s largest farmer-owned cooperative reported earnings of $649 million for the first three-quarters of Fiscal Year 2015. That is down 26 percent from the same period in FY 2014. Revenues for the first nine months of FY 2015 were 19 percent lower at $26.6 billion. CHS cites lower prices for refined energy products, grains and fertilizers as the main reason for the lower sales.
Earnings for the quarter ending May 31st were $178 million down 53 percent from the $379 million in the third quarter a year earlier. The 2014 number includes a one-time gain of $108.8 million attributed to the establishment of the Ardent Mills flour milling joint venture. Revenues for the Fiscal 2015 third quarter totaled $8.7 billion down 28 percent from the third quarter of 2014.
CHS Ag Segment earnings for the quarter were $61.7 million compared to $117 million a year ago. The cooperative cites lower earnings from logistics within grain marketing as well as lower grain and wholesale crop nutrient volumes. In addition, lower renewable fuels marketings all contributed to lower marketing commissions for CHS retail operations.
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