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Nov. 3, 2022 Source: CHS Inc. news release CHS Inc., the nation's leading agribusiness cooperative, today reported net income of $1.7 billion for the fiscal year ended Aug. 31, 2022, compared to $554.0 million for fiscal year 2021. Key financial drivers for fiscal year 2022 results include: *Consolidated revenues of $47.8 billion for fiscal year 2022 compared to $38.4 billion for fiscal year 2021, a year-over-year increase of 24%. *Refining margins in our Energy segment were higher and drove improved earnings due to the tightening global supply and demand landscape. *The CHS global grain and processing and wholesale agronomy businesses within our Ag segment benefited from strong global demand and increased margins. *Our equity method investments performed well, with increased CF Nitrogen earnings resulting from strong global demand for urea and urea ammonium nitrate (UAN), coupled with decreased global supply. "We appreciate the support of our member cooperatives and farmer-owners, which enabled us to deliver a substantial increase in earnings for the fiscal year, while also helping feed people around the world," said Jay Debertin, president and CEO of CHS Inc. "Additionally, our employees demonstrated their dedication to helping our owners and customers succeed in a turbulent year for agriculture. "As a result of these collective efforts, CHS intends to return $1 billion in cash patronage and equity redemptions to our member cooperatives and farmer-owners in fiscal year 2023, reflecting the company's financial strength and demonstrating the value of cooperative ownership. "We are proud of our role in the cooperative system. We will continue to make investments that strengthen rural America and help our farmer-owners and customers meet the growing demand for agricultural products. Our investments in infrastructure, supply chain capabilities, people and innovation are driving operational and efficiency gains throughout our expansive network," Debertin added. "Although economic uncertainty, logistical challenges and inflationary pressures remain, CHS is well-positioned to maximize value for our member cooperatives and farmer-owners." To read the entire report click here. Tweet |
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