CHS reports record earnings in consecutive years
The nation’s largest agricultural cooperative has earned record profits two years running.
CHS CEO Jay Debertin says fiscal 2023 earnings totaled $1.9 billion.
“Last year was a record at $1.7 (billion) and this year $1.9 (billion), so really reporting a terrific year and it’s allowed us to return to people that own CHS and do business with CHS $730 million in cash based on these earnings.”
He tells Brownfield the energy segment of CHS performed exceptionally well.
“Really due to higher refining margins at our two refineries. We have one in Kansas (in) that kind of central part of the country and one in Montana that serves more of that northern part of the country that really had good results.”
Debertin says the ag segment had lower earnings compared to the previous fiscal year largely because of “more reasonable” fertilizer prices.
“Last year where fertilizer prices were kind of on a one way road it seemed going up to levels that were pretty extraordinary, this year we saw quite a reset.”
He says robust meal and oil demand contributed to higher earnings in the CHS soybean and canola processing business.