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Wisconsin Ag News Headlines |
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CHS Reports Third Quarter Earnings of $881 Million
Wisconsin Ag Connection - 07/11/2014
CHS Inc., one of the nation's leading farmer-owned cooperatives, reported earnings of $881.7 million through the third quarter of its 2014 fiscal year. The figures represent an increase of one percent from the $869.6 million reported for the first three quarters of last year.
Revenues for nine months were $32.7 billion, down three percent from $33.5 billion for the same period a year ago, primarily due to lower average grain prices. Earnings for the third quarter were $379.5 million, up 51 percent from $250.8 million for the same period last year, due 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.
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.
Meanwhile, 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.
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