Good third quarter for CHS
CHS reporting earnings for the third quarter at $379.5 million up 51 percent from the same quarter last year due in large part to a one-time gain from the formation of a flour milling joint venture. Strong performances in agronomy, crop nutrients and grain marketing also contributed to the earnings increase. Revenues for the quarter at almost $12 billion were comparable to the third quarter of 2013.
For the first nine months of the fiscal year, CHS reports earnings of $881.7 million, up 1 percent from the same period in 2013. Revenues for the nine months were down 3 percent from a year ago at $32.7 billion due mainly to lower grain prices.
While earnings for the ag segment increased, year-to-date energy segment earnings declined due to lower margins in refining which were partially offset by strong performance for CHS propane, renewable fuels marketing, lubricants and transportation operations.
With headquarters in Inner Grove Heights, Minnesota: CHS is a global energy, grains and foods agribusiness owned by farmers, ranchers and cooperatives across the United States.
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