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National & World Ag News Headlines |
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CHS Reports Quarterly Net Income of $97 Million
USAgNet - 07/08/2020
CHS Inc. reported net income of $97.6 million for the third quarter of fiscal year 2020 that ended May 31, 2020. This represents a 78.8 percent increase compared to net income of $54.6 million in the third quarter of fiscal year 2019.
"We continue to adapt how we do business to ensure the safety of our employees and our customers. A successfully managed supply chain helped our owners get the products and services they and their customers need to grow their crops. That focus also
helped us deliver value to our customers around the world," said Jay Debertin, president and CEO of CHS Inc. "Improved trade relations benefited us, and, in turn, our owners, and we are eager for that to continue. We are not immune to the market pressures
caused by COVID-19, and we will continue to adjust to best serve our owners and customers."
For the energy division, the cooperative saw a pretax loss of $54.8 million in the third quarter of fiscal year 2020 compared to $1.3 million in pretax earnings for the third quarter of fiscal year 2019.
Pretax earnings of $95.4 million in the third quarter was realized for agriculture.
Lower earnings from our investment in Ventura Foods resulting from decreased demand due to COVID-19-related demand shocks in the food service sector.
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