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Jul. 14, 2023 Source: PRNewswire ST. PAUL, Minn -- CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today released results for its third quarter ended May 31, 2023. The company reported quarterly net income of $547.5 million compared to a record third quarter net income of $576.6 million in fiscal year 2022. For the first nine months of fiscal year 2023, the company reported net income of $1.6 billion and revenues of $36.1 billion, compared to net income of $1.2 billion and revenues of $34.4 billion recorded during the same period of fiscal year 2022. Fiscal 2023 third quarter highlights include: Our Energy segment delivered strong earnings, reflecting sustained favorable market conditions in our refined fuels business. Improved soybean and canola crush margins due to strong meal and oil demand resulted in higher earnings in our oilseed processing business. Market-driven price decreases for wholesale and retail agronomy products resulted in lower margins versus the same period last year. "Consumer demand remains strong for energy and oilseed products, and our joint venture investments continue to contribute to strong earnings and round out our well-diversified portfolio," said Jay Debertin, president and CEO of CHS Inc. "As we enter the end of our fiscal year, opportunities remain for profitability and growth in the agriculture industry, and CHS is well-positioned to maximize value for our member cooperatives, farmer-owners and customers." Energy Pretax earnings of $199 million for the third quarter of fiscal year 2023 represent a $35.8 million increase versus the prior year period and reflect: Strong refining margins attributed to global market conditions and favorable pricing of heavy Canadian crude oil in our refined fuels business Higher margins were partially offset by decreased refined fuels production volumes related to planned major maintenance at our refinery in Laurel, Mont. Ag Pretax earnings of $233.5 million represent a $40.2 million decrease in earnings versus the prior year period and reflect: Increased margins in our grain and oilseed and processing product categories, due primarily to strong meal and oil demand Market-driven price decreases, particularly for wholesale and retail agronomy products, which led to lower margins Nitrogen Production Pretax earnings of $56.3 million represent a $121.9 million decrease versus the prior year period due to lower equity income from CF Nitrogen attributed to decreased market prices of urea and UAN. Corporate and Other Pretax earnings of $69.3 million represent a $45.8 million increase versus the prior year period and reflect improved equity income from our Ventura Foods joint venture and increased interest income due to higher interest rates. ABOUT CHS CHS Inc. (www.chsinc.com) creates connections to empower agriculture. As a leading global agribusiness and the largest farmer-owned cooperative in the United States, CHS serves customers in 65 countries and employs nearly 10,000 people worldwide. We provide critical crop inputs, market access and risk management services that help farmers feed the world. Our diversified agronomy, grains, foods and energy businesses recorded revenues of $47.8 billion in fiscal year 2022. We advance sustainability through our commitment to being stewards of the environment, building economic viability and strengthening community and employee well-being. Tweet |
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