CHS reports earnings through fiscal 2014 third quarter of $881.7 million - 19 Action News|Cleveland, OH|News, Weather, Sports

CHS reports earnings through fiscal 2014 third quarter of $881.7 million

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SOURCE CHS Inc.

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, 2013May 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 1May 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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