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CHS reports nine-month earnings of $348.1 million
12.07.2010 12:28 "Agro Perspectiva" (Kyiv) —
CHS Inc. reported July 8 net income from company operations of $348.1 million through the third quarter of its 2010 fiscal year.
Through nine months of fiscal 2010 (Sept. 1, 2009 √ May 31, 2010), the $348.1 million in net income attributable to CHS operations compares with $284.1 million for the same period of fiscal 2009. Revenues were $18.6 billion, down slightly from $19.1 billion through the third quarter of fiscal 2009, reflecting lower values in fiscal 2010 for the grain and crop nutrient products the company handles.
Earnings attributable to CHS operations for the third quarter of fiscal 2010 (March 1, 2010 √ May 31, 2010) were $145.4 million, more than double the $64.6 million for the same quarter in fiscal 2009. Revenues for the third quarter of fiscal 2010 were $6.6 billion up slightly from $6.2 billion the previous year.
The company’s 2010 fiscal year-to-date processing segment earnings increased over the same period a year ago, driven by strong performance in its wholly owned oilseed processing operations and along with better-than-expected results for its portions of the Ventura Foods, LLC, vegetable oil-based food joint venture and Horizon Milling, LLC, wheat milling joint venture. Fiscal 2009 results reflected a $74 million write down of CHS investment in VeraSun, Inc., an ethanol manufacturer.
Increased product margins and demand for both grain and crop nutrients contributed to significantly improved earnings within the company’s ag business segment through the third quarter of fiscal 2010. Those factors also contributed to record year-to-date performance by CHS local retail operations.
Nine-month earnings within the energy segment for fiscal 2010 reflected lower refining margins compared with fiscal 2009, while CHS propane, lubricants and renewable fuels marketing businesses reported higher earnings compared with results for the same period a year ago.
CHS financing, insurance services and hedging businesses, recorded under corporate and other, reported slightly lower earnings through the third quarter of fiscal 2010. This is attributed to a continued soft insurance sector and ongoing low interest rates, which affect the CHS financing business. These were offset by stronger earnings in the company’s hedging subsidiary.
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