April 12, 2011
CHS reports six-month earnings of US$396.3 million
CHS Inc., a leading energy, grains and foods company, reported income for the first half of its 2011 fiscal year of US$396.3 million.
Earnings attributed to CHS operations through the second quarter (Sep 1, 2010 - Feb 28, 2011) increased nearly 96% over US$202.6 million for the same period in fiscal 2010. Revenues for the first half of fiscal 2011 reached US$15.8 billion, up from US$12.1 billion through the second quarter of fiscal 2010, reflecting increased values for the energy, grain and crop nutrients produce CHS handles.
For the second quarter (Dec 1, 2010 - Feb 28, 2011) CHS posted net income of US$194.6 million, compared with US$82.7 million for the second quarter of fiscal 2010. Revenues for the quarter were US$7.7 billion, up from US$5.9 billion a year ago. Year-to-date earnings for the company's Energy segment reflected strong margins for its petroleum refining operations driven by global market conditions, along with strong performance for its renewable fuels marketing business.
The company's Ag Business segment - consisting of its grain marketing, crop nutrients, local retail operations and oilseed processing businesses - also recorded strong results attributed to both increased grain demand and fertiliser activity. Earnings were also strong for the CHS financing and hedging businesses, along with its Ventura Foods, LLC, vegetable-oil based food and Horizon Milling, LLC, wheat milling joint ventures.