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Jul. 11, 2024 Source: CHS news release CHS Inc., the nation's leading agribusiness cooperative, today released results for its third quarter ended May 31, 2024. The company reported quarterly net income of $297.3 million and revenues of $9.6 billion compared to net income of $547.5 million and revenues of $12.0 billion in the third quarter of fiscal year 2023. For the first nine months of fiscal year 2024, the company reported net income of $990.5 million and revenues of $30.1 billion compared to record net income of $1.6 billion and record revenues of $36.1 billion in the first nine months of fiscal year 2023. Third quarter fiscal year 2024 highlights: *Financial performance was solid across our segments, although earnings were down from historically strong results in fiscal year 2023. *Revenues decreased due to weaker commodity prices. *Weaker grain and oilseed demand led to an earnings decline in our Ag segment compared to the prior year. *More challenging market conditions, including less favorable refining margins, led to lower earnings in our Energy segment versus the previous year. *Our equity method investments, led by our CF Nitrogen investment, performed well in evolving market conditions. "Through the first nine months of our fiscal year, we have delivered strong financial results, including the third highest net income in our history," said Jay Debertin, president and CEO of CHS Inc. "Although we continue to feel the adverse impacts of softening margins for ag and energy commodities, CHS is well positioned to navigate this commodity cycle downturn through a strong focus on cost control and efficiency. We are performing well and our supply chain investments enable us to connect farmers and member cooperatives with the inputs and services they need to help feed a growing global population." To read the entire report click here. Tweet |
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