July 12, 2011
CHS Inc., a leading energy, grains and foods company, reported income of US$754.8 million through the third quarter of its 2011 fiscal year.
Earnings attributed to CHS operations through the third quarter (September 1, 2010- May 31, 2011) increased nearly 117% over US$348.1 million for the same period in fiscal 2010. Revenues through the third quarter of fiscal 2011 reached US$26.3 billion, up from US$18.6 billion through the third quarter of fiscal 2010, reflecting continued higher values for the energy, grain and crop nutrients products CHS handles.
For the third quarter (March 1-May 31, 2011) CHS posted income of US$358.5 million, compared with US$145.4 million for the third quarter of fiscal 2010. Revenues for the quarter were US$10.5 billion, up from US$6.6 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. Ag Business earnings also included a gain of US$119.7 million on the sale of the company's share of Multigrain, AG, a Brazilian agribusiness joint venture.
Earnings were also strong for the CHS financing business, along with the company's Ventura Foods, LLC, vegetable-oil based food and Horizon Milling, LLC, wheat milling joint ventures.