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CHS Posts
Record $300.9 Million in First Quarter 2008 Earnings
St. Paul,MN—CHS
Inc. (NASDAQ: CHSCP), a leading energy and grain-based foods
company, announced Jan. 11 record earnings of $300.9 million for the
first quarter of its 2008 fiscal year.
Net income for the quarter
(Sept. 1 - Nov. 30, 2007) compared with $136.4 million for the same
period of fiscal 2007.
Revenues for the quarter
were $6.5 billion, an increase from $3.8 billion for the first quarter
of fiscal 2007.
This was driven by higher
prices for grain and energy along with the inclusion, for the first
time, of crop nutrients sales, which previously had been part of a joint
venture.
CHS earnings reflected solid
performance for each of its three business segments.
Energy earnings
remained strong, comparable to results for the first quarter of fiscal
2007.
Also within the energy segment,
CHS propane, lubricants, renewable fuels marketing and transportation
businesses exceeded fiscal 2007 performance for the quarter.
Earnings within the Ag Business
segment set a new mark, reflecting record performance in grain marketing
and CHS retail operations.
Ag Business
earnings also included a gain of $91.7 million on the company's sale
of stock in CF Industries, a crop nutrients manufacturer.
Record grain marketing earnings
were driven by strong domestic and export market demand.
CHS retail operations
reported strong performance due to increased sales of farm inputs and
energy products and good grain movement.
CHS also reported strong
performance from its newly acquired crop nutrients business.
The company's Processing
segment results reflected improved performance over fiscal
2007 for its wholly owned oilseed processing operations as well as its
portions of the Ventura Foods, LLC, food company and
Horizon Milling, LLC, wheat milling joint venture.
CHS also reported strong
performance from its financing, insurance services and hedging businesses.
CHS Inc. earnings
by segment (In millions $)
Sept. 1 - Nov. 30
1st Quarter 2008 ... 1st
Quarter 2007
•Energy ...
108.5 ... 111.5
•Ag Business
... 204.7 ... 28.1
•Processing
... 20.2 ... 10.6
•Corporate
and Other ... 4.4... 3.4
•Taxes
... (36.9) ... (17.2)
•Net Income
... $300.9 ... $136.4
For more information, call
Lani Jordan at 651-355-4946.
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