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Best of NAMA 2024












FULL YEAR: CHS REVENUES DOWN 14%, NET INCOME DOWN 42%: $1.102 BILLION
Source: CHS Inc. news release

Inver Grove, MN -- CHS Inc., the nation's leading agribusiness cooperative, today reported net income of $1.1 billion for the fiscal year ended Aug. 31, 2024, compared to $1.9 billion for fiscal year 2023.

Key highlights for fiscal year 2024 financial results include:

*Consolidated revenues of $39.3 billion for fiscal year 2024 compared to $45.6 billion for fiscal year 2023, a change attributed to lower commodity prices.

*Financial performance remained solid across segments, although down from historically strong results, including record earnings in the prior year.

*Evolving market conditions, including less favorable refining margins, led to weaker Energy segment results compared to fiscal year 2023.

*Ag segment earnings declined from the prior year due to softening oilseed crush margins and global conditions that drove down margins for U.S. grain exports.

*Equity method investments continued to perform well, with our CF Nitrogen investment being the largest contributor.

"Our earnings for fiscal year 2024 were solid, thanks to the support of our owners and customers around the world," said Jay Debertin, president and CEO. "CHS intends to return $600 million in cash patronage and equity redemptions to our farmer-owners and member cooperatives in fiscal year 2025, as we continue to share profits with those that work with us to empower agriculture and help feed people around the globe,"

"We remain committed to strategically investing in strengthening our grain, agronomy and energy supply chains to provide end-to-end value and enhance market access for U.S. growers," said Debertin. "As our industry navigates a challenging market environment, CHS is focused on efficiency and managing costs while still enhancing customer experience and driving growth on behalf of our owners."

Fiscal Year 2024 Business Segment Results

Energy


*Pretax earnings of $429.1 million in fiscal year 2024 represent a $646.4 million decrease versus the prior year and reflect:

*A substantial reduction in refined fuels earnings due to the negative impact of industry trends on refining margins and less favorable pricing of heavy Canadian crude oil
Reduced costs for renewable energy credits, which partially offset the impact of unfavorable market conditions

Ag

*Pretax earnings of $342.7 million represent a $69.1 million decrease versus the prior year and reflect:

*Weaker crush margins due to an increased global supply of canola and soybean meal and oil, partially offset by operational and logistical efficiencies at CHS oilseed crush plants

*Improved margins and higher volumes for wholesale and retail agronomy products

*Compressed margins in the grain and oilseed product category due to global market conditions

Nitrogen Production

*Pretax earnings of $151.2 million represent a $109.5 million decrease versus the prior year. The reduction in equity method income is due to lower global prices of urea and UAN, produced and sold by CF Nitrogen, our joint venture with CF Industries, which were partly offset by decreased natural gas costs.

Corporate and Other

Pretax earnings of $174.8 million represent a $84.9 million decrease versus the prior year and reflect less favorable market conditions for oil-based food products produced by the Ventura Foods joint venture.


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