Posts Tagged: CHS income

CHS Reports $347 million first quarter fiscal 2019 net income

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CHS Inc. has reported a net income of $347.1 million for the first quarter of fiscal 2019. “Our strong first quarter results position us well as we start our 2019 fiscal year,” said Jay Debertin, CHS president and chief executive officer. “We are focused on making CHS our customers’ first choice by advancing our technology solutions and equipping employees to meet the changing needs of our customers around the world. We will do this while maintaining financial discipline and rigor.”
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CHS reports fiscal 2018 net income of $776 million

CHS income fiscal 2018

CHS Inc., the nation’s leading farmer-owned cooperative and a global energy, grains and foods company, today reported net income of $775.9 million for the fiscal year that ended Aug. 31, 2018.

“Our fiscal 2018 results show the progress we are making on the priorities we set for CHS,” said Jay Debertin, CHS president and chief executive officer. “Our year-over-year financial performance shows good improvement, our balance sheet is solid, and our relationships with cooperative owners are strong. The diverse CHS business platform allowed us to deliver improved earnings and enables us to return $150 million in cash patronage and equity redemptions to owners even as we navigated challenging market conditions.” (more…)

CHS reports net income of $229.3 million for the 3rd quarter of fiscal 2018

CHS income
CHS Inc., the nation’s leading farmer-owned cooperative and a global energy, grains and foods company, reported net income on July 11, 2018, of $229.3 million for the third quarter of its 2018 fiscal year (three-month period ended May 31, 2018), compared to a net loss of $45.2 million for the same time period a year ago.

Consolidated revenues for the third quarter of fiscal 2018 were $9.0 billion, up from $8.6 billion for the third quarter of fiscal 2017. Pretax income was $289.4 million for the third quarter of fiscal 2018, compared to a loss of $209.2 million for the same period the prior fiscal year.

“Thanks to the hard work of many throughout CHS, we’ve made great strides this year in strengthening relationships, optimizing operations and improving results from our core businesses,” said CHS President and CEO Jay Debertin. “The steps we’ve taken will better position us to navigate the inevitable cycles in agriculture and energy. I am proud of our team and their dedication and commitment to operating with excellence.” (more…)

CHS reports a net income of $346.7 million for the first half of fiscal 2018

CHS income fiscal 2018

CHS Inc., the nation’s leading farmer-owned cooperative and a global energy, grains and foods company, today reported net income of $346.7 million for the first half of its 2018 fiscal year (six-month period ended Feb. 28, 2018), compared to net income of $223.7 million for the same time period a year ago.

Consolidated revenues for the first half of fiscal 2018 were $14.9 billion, down from $15.4 billion for the first half of fiscal 2017. Pretax income was $185.0 million and $249.1 million for the first half of fiscal 2018 and 2017, respectively. (more…)

CHS reports $180.1 million first quarter earnings for fiscal 2018

CHS President and CEO, Jay Debertin

CHS reported net income of $180.1 million for the first quarter of its 2018 fiscal year (three-month period ended Nov. 30, 2017), compared to net income of $209.2 million for the same period a year ago.

Consolidated revenues for the first quarter of fiscal 2018 were $8.0 billion, the same as fiscal 2017. Pretax income was $199.6 million and $225.6 million for the first quarter of fiscal 2018 and 2017, respectively.

“Despite challenging market conditions, CHS experienced a solid first quarter thanks to our continued focus on three key priorities: strengthening relationships, sharpening operational excellence and restoring financial flexibility,” said CHS President and Chief Executive Officer Jay Debertin. “In the first quarter, we recorded solid earnings from our businesses and reduced long-term debt. These actions are helping to strengthen and grow CHS.”

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CHS reports FY17 results

CHS reports fiscal year-end results, announces FY 2018 priorities

 

CHS Inc., the nation’s leading farmer-owned cooperative and a global energy, grains and foods company, today reported net income of $127.9 million for the fiscal year ended Aug. 31, 2017, compared to net income of $424.2 million for the fiscal year ended Aug. 31, 2016. Consolidated revenues totaled $31.9 billion for fiscal 2017, approximately a five percent increase over consolidated revenues of $30.3 billion for fiscal 2016.

“It’s been a challenging year, but we’re committed to meeting the long-term needs of our cooperative owners and customers. We will continue to take prudent actions to ensure the company is well positioned for future opportunities,” said CHS President and Chief Executive Officer Jay Debertin.

For fiscal 2017, CHS experienced a loss before income taxes of $54.8 million, down from income before income taxes of $419.9 million in fiscal 2016, reflecting significant charges that relate to a Brazilian trading partner entering into bankruptcy-like proceedings under Brazilian law, intangible and fixed asset impairments, and bad debt and loan loss reserve charges, of which a significant portion relate to a single large producer borrower.

“As fiscal 2018 unfolds, CHS is focusing on three key priorities: strengthen relationships with owners and customers, sharpen focus on operational excellence, and restore financial flexibility,” Debertin said. “I’m happy to report that we’ve seen progress on these priorities already. We are making significant headway towards managing credit risk consistently across the organization and are leveraging our ongoing asset review to drive decisions that will further strengthen our balance sheet.”

For fiscal year 2017 ending on Aug. 31, 2017, reporting segments results are:

·        Energy:

Year-over-year income before income taxes declined 72 percent to $76.9 million, primarily due to significantly reduced refining margins and a charge incurred for the write-off of assets associated with a cancelled project. These decreases were partially offset by higher demand for energy products, most significantly in refined fuels.

·        Ag:

The CHS Ag segment includes domestic and global grain marketing, wholesale crop nutrients, renewable fuels, local retail operations, and processing and food ingredients.  CHS Ag experienced a loss before income taxes of $230.8 million for fiscal 2017, compared to income before income taxes of $30.9 million for fiscal 2016. Grain marketing earnings decreased primarily due to charges associated with a trading partner in our Brazilian operations entering bankruptcy-like proceedings under Brazilian law. Country operations experienced a decrease in pretax income due to changes in reserves related to a single producer borrower and asset impairments, which were significantly offset by higher grain margins and volumes. A decrease in processing and food ingredients pretax income was primarily caused by long-lived asset impairment charges. Pretax income for crop nutrients and renewable fuels increased due to higher volumes and higher margins, respectively.

·        Nitrogen Production:

The Nitrogen Production segment is comprised of the company’s investment in CF Industries Nitrogen, LLC (“CF Nitrogen”), and generated income before income taxes of $29.7 million during fiscal 2017, compared to $34.1 million in fiscal 2016. The decrease is primarily due to downward pressures on the pricing of urea and urea ammonium nitrate, which are produced and sold by CF Nitrogen. The decrease was partially offset by a $30.5 million gain from an embedded derivative associated with CF Nitrogen.

 

·        Food:

The Foods segment is comprised of the company’s investment in Ventura Foods, LLC (“Ventura Foods”), and generated income before income taxes of $26.0 million during fiscal 2017, compared to $64.8 million the previous year. The decreases were primarily due to reduced margins at Ventura Foods.

·        Corporate and Other:

The Corporate and Other category is primarily comprised of the company’s wheat milling joint venture and Business Solutions operations. Year over year income before taxes increased to $43.4 million, compared to $14.7 million during fiscal 2016.

 

                                                                                                                      CHS Inc. Net Income

 

By segment

(in millions $)

 

For the Twelve Months Ended August 31,
2017

(fiscal year)

2016

(fiscal year)

Energy 76.9 275.4
Ag (230.8) 30.9
Nitrogen Production 29.7 34.1
Foods 26.0 64.8
Corporate and Other 43.4 14.7
Income (loss) before income taxes (54.8) 419.9
Income tax expense (benefit) (182.1) (4.1)
Net income (loss) 127.3 424.0
Net income (loss) attributable to non-controlling interests (0.6) (0.2)
Net income attributable to CHS Inc. 127.9 424.2

 

 

 

 

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