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NINE MONTHS: CHS' NET EARNINGS DOWN 38%
Source: CHS news release

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St. Paul, MN - CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today reported net income of $97.6 million for the third quarter of fiscal year 2020 that ended May 31, 2020. This represents a 78.8 percent increase compared to net income of $54.6 million in the third quarter of fiscal year 2019.
The results for the third quarter of fiscal year 2020 reflect:

Revenues of $7.2 billion compared to revenues of $8.5 billion for the third quarter of fiscal year 2019.

Improved margins and volumes across much of the Ag segment as a result of more favorable weather conditions for spring planting compared to third quarter of fiscal year 2019.

Improved trade relations between the United States and foreign trading partners.

Decreased selling prices and volumes for refined fuels driven by global market conditions including the impact of COVID-19, which has depressed demand for energy products.
A $42.0 million noncash charge to reduce our refined fuels inventory to its market value.

"We continue to adapt how we do business to ensure the safety of our employees and our customers. A successfully managed supply chain helped our owners get the products and services they and their customers need to grow their crops. That focus also helped us deliver value to our customers around the world," said Jay Debertin, president and CEO of CHS Inc. "Improved trade relations benefited us, and, in turn, our owners, and we are eager for that to continue. We are not immune to the market pressures caused by COVID-19, and we will continue to adjust to best serve our owners and customers."


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