ST. PAUL, Minn., July 9, 2014 /PRNewswire/ -- CHS Inc.
(NASDAQ: CHSCP), the nation's leading farmer-owned cooperative and
a global energy, grains and foods company, today reported earnings
of $881.7 million through the third
quarter of its 2014 fiscal year.
The earnings attributable to CHS of $881.7 million for the period (Sept. 1, 2013 – May 31,
2014) represent an increase of one percent from the
$869.6 million reported for the first
three quarters of fiscal 2013. Revenues for nine months were
$32.7 billion, down 3 percent from
$33.5 billion for the same period a
year ago, primarily due to lower average grain prices.
Earnings for the third quarter (March
1 – May 31, 2014) were
$379.5 million, up 51 percent from
$250.8 million for the same period in
fiscal 2013. Earnings for the quarter reflected a one-time gain
attributed to the establishment of a new flour milling joint
venture, as well as stronger performance by the company's retail
agronomy, wholesale crop nutrients and grain marketing businesses.
At almost $12 billion, revenues for
the quarter were comparable to the same three-month period of
fiscal 2013.
Year-to-date, Energy segment earnings declined due to lower
margins in refining which were partially offset by strong
performance for CHS propane, renewable fuels marketing lubricants
and transportation operations. Earnings for the CHS Ag segment
increased through the third quarter as a result of strong
logistical performance within grain marketing, higher agronomy
margins and service income generated by the company's Country
Operations retail locations, and improved wholesale crop nutrients
performance.
CHS reports results for its business services operations and its
two food processing-related joint ventures under the Corporate and
Other category which recorded improved profitability through the
third quarter of fiscal 2014. Earnings increased significantly from
the previous nine-month period due to a one-time gain of
$108.8 million associated with the
contribution of its Horizon Milling assets to the newly formed
Ardent Mills joint venture and overall strong business
performance.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned
by farmers, ranchers and cooperatives across the United States. Diversified in energy,
grains and foods, CHS is committed to helping its customers,
farmer-owners and other stakeholders grow their businesses through
its domestic and global operations. CHS, a Fortune 100 company,
supplies energy, crop nutrients, grain marketing services, animal
feed, food and food ingredients, along with business solutions
including insurance, financial and risk management services. The
company operates petroleum refineries/pipelines and manufactures,
markets and distributes Cenex® brand refined fuels,
lubricants, propane and renewable energy products.
This document contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995
that are based on management's current expectations and
assumptions. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from the potential results discussed in the
forward-looking statements. The company undertakes no obligations
to publicly revise any forward-looking statements to reflect future
events or circumstances. For a discussion of additional factors
that may materially affect management's estimates and predictions,
please view the CHS Inc. annual report filed on Form 10-K for the
year ended Aug. 31, 2013, which can
be found on the Securities and Exchange Commission web site
(www.sec.gov) or on the CHS web site www.chsinc.com.
|
CHS Inc.
Earnings By
segment (in millions
$)
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
May
31,
|
|
May
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Energy
|
$205.8
|
|
220.2
|
|
565.7
|
|
707.6
|
Ag
|
109.1
|
|
40.0
|
|
257.4
|
|
202.7
|
Corporate and
Other
|
124.7
|
|
19.1
|
|
174.6
|
|
50.4
|
Income before income
taxes
|
439.6
|
|
279.5
|
|
997.7
|
|
960.7
|
Income
taxes
|
59.7
|
|
27.2
|
|
114.2
|
|
87.0
|
Net
income
|
379.9
|
|
252.3
|
|
883.5
|
|
873.7
|
Net income
attributable to non-controlling interests
|
0.4
|
|
1.5
|
|
1.8
|
|
4.1
|
Net income
attributable to CHS Inc.
|
$379.5
|
|
250.8
|
|
881.7
|
|
869.6
|
|
|
|
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SOURCE CHS Inc.