CHS reports strongest quarter in 7 years
The nation’s largest agricultural cooperative is coming off its strongest quarter in seven years.
CHS president and CEO Jay Debertin says for the fiscal third quarter ending May 31st, the company reported net income of $273.6 million compared to $96.7 million in the third quarter of fiscal 2020.
“It was a terrific quarter for the company, and I think it really reflects that CHS and the local cooperatives who own CHS were positioned very well to capitalize on the markets and the spring season that we went through in our third quarter, for the benefit of the farmers who own us.”
He tells Brownfield the more than 180 percent earnings growth can also be attributed to grain exports.
“The (products) people that own us grow and count on us to ship to customers around the world. And those demands were really strong (and) our position for exporting those products was really in a good place.”
Debertin says the energy segment of CHS was probably impacted most by the pandemic but has steadily improved throughout 2021.
For the nine months ending May 31st, 2021, CHS reported net income of $305 million versus $401 million for the same period in fiscal 2020.