CHS Inc. Reports Lower Quarterly Income
USAgNet - 04/09/2020
CHS Inc. reported net income of $125.4 million for the second quarter of fiscal year 2020 that ended Feb. 29, 2020. This compares to net income of $248.8 million in the second quarter of fiscal year 2019.
The company reported revenues of $6.6 billion for the quarter, up from $6.5 billion during the same period last year.
"Today our top focus is on our core value of safety--including the health and safety of our employees, farmers, our owners, our customers, our local cooperatives and the communities where we live and work around the world--as we all navigate the impact of
COVID-19," said Jay Debertin, president and CEO of CHS Inc. The investments we've made in our infrastructure connect farmers and local cooperatives to the inputs and services they need during this busy spring season."
For the agriculture division, pretax loss of $20.8 million in second quarter of fiscal year 2020 compared to pretax loss of $62.4 million in the second quarter of fiscal year 2019 reflects a strong wheat crop and improved weather conditions that contributed to
improved results. Poor weather conditions in fiscal year 2019 and ongoing global trade tensions that continued to negatively impact volumes and margins within agricultural markets.