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6 MONTHS: CHS REVENUES DOWN 2%, NET INCOME DOWN 18%
Source: CHS news release

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CHS Inc. (NASDAQ: CHSCP), an energy, grains and foods company and the nation's leading farmer-owned cooperative, today reported earnings of $502.3 million through the second quarter of its 2014 fiscal year.

Earnings attributed to CHS operations for the first six months of fiscal 2014 (Sept. 1, 2013 - Feb. 28, 2014) declined 19 percent from the $618.8 million reported for the first half of fiscal 2013. Revenues for the six-month period of fiscal 2014 were $20.7 billion, compared with $21.6 billion for the same period of fiscal 2013, reflecting a 4 percent decrease, primarily due to a decline in commodity prices for refined fuels and many of the grain, crop nutrients and processed oilseed products the company handles.

For the second quarter (Dec. 1, 2013 - Feb. 28, 2014), CHS posted earnings of $260.1 million, compared with $275.1 million reported for the same period of fiscal 2013. Revenues for the quarter were $9.7 billion, compared with $9.9 billion for the second quarter of fiscal 2013.

Results through the second quarter reflected lower overall earnings for the company's Energy segment due to lower refined fuels margins. This was partially offset by strong results for its renewable fuels marketing, propane, lubricants and transportation businesses.

Six-month earnings were lower for the Ag segment primarily due to decreased margins in CHS wholesale crop nutrients business, as well as expenses associated with the proposed fertilizer plant at Spiritwood, N.D.

CHS grain marketing and locally controlled Country Operations retail businesses reported improved earnings for the six-month period due to strong logistical performance and improved margins. CHS processing and food ingredients operations recorded lower earnings overall, primarily due to lower soybean crushing margins.

CHS reports results for its business services operations and its two food processing-related joint ventures under the Corporate and Other category which increased overall earnings through the second quarter of fiscal 2014.

Earnings declined for the company financing, insurance and hedging businesses, but rose for its portion of earnings generated by Ventura Foods, LLC, a packaged food joint venture, and Horizon Milling, a wheat milling joint venture.


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