CHS posts record six-month earnings of $218.6 million
April 10, 2007
by FoodBusinessNews.net Staff
ST. PAUL, MINN. — CHS Inc. on April 9 posted record net income of $218.6 million for the first six months of its 2007 fiscal year, up 12% from $194.4 million for the same period last year.
Revenues for the period were $7.5 billion, up from $6.6 billion a year ago.
For the second quarter, CHS reported $82.3 million in earnings up 105% from $40.1 million for the same period a year ago. Net income was a record for the period, as were revenues for the quarter of $3.7 billion, up from $3.2 billion for second quarter 2006.
CHS said its year-to-date results reflect continued strong performance by all CHS business operations. Earnings increased in the company’s Ag Business segment, consisting of its agronomy, grain marketing and retail operations. Earnings also were up significantly in CHS Processing operations, which include its oilseed processing, wheat milling, food production and renewable fuels operations. Energy earnings decreased from a year ago, reflecting lower refining margins.
During the second quarter, CHS recorded a gain of $11.4 million based on the value of its ownership in US BioEnergy, a renewable fuels manufacturer, after it became a publicly traded company in December. CHS owns about 21% of US BioEnergy.