St. Paul, MN - July 15, 2019 - CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today announced its financial results for the third quarter and the first nine months of fiscal year 2019.
CHS reported:
"Our cooperative continues to perform well through the first nine months of the fiscal year. Though our net income was down compared to the prior year third quarter of fiscal 2018, the first nine months of fiscal year 2019 have been strong," said Jay Debertin, CHS president and CEO.
"During the third quarter, we completed the acquisition of the remaining 75 percent ownership interest in West Central Distribution, LLC, a full-service wholesale distributor of agronomy products headquartered in Willmar, Minnesota.
"The acquisition demonstrates our commitment to provide more of the products, services and technology our owners need to compete.
"Scheduled maintenance at our refinery in McPherson, Kansas, slowed production of refined fuels; but that maintenance investment will enable CHS to better serve our owners and rural America in the long term.
"We are committed and working hard to maximize earnings for our owners by creating connections to empower agriculture.
"The uncertainty of the international trade markets continues to create difficult circumstances for all who work in agribusiness. Weather challenges led to late planting that has hurt our owners – America's farmers and cooperatives that help grow the food to feed the world," Debertin said.
"We traveled throughout our trade territory this spring to meet with our owners, and every location we visited was impacted by heavy spring rains and late planting.
"At CHS, we are working to navigate external challenges, and we are committed to leveraging the strength of our supply chain to help our owners and customers navigate as the year progresses."
Third Quarter Fiscal 2019 Business Segment Results
The following business segment results were reported for the third quarter of fiscal 2019 as compared to the restated third quarter of fiscal 2018.
Energy The $92.7 million decrease in Energy pretax earnings reflects:
AG The $39 million decrease in Ag pretax earnings was driven by:
Nitrogen Production The $1.4 million increase in Nitrogen Production pretax earnings reflects:
Corporate and other The $44.9 million decrease in Corporate and Other pretax earnings reflects:
Read the full financial report here.
For more information, please contact Rebecca Lentz at 651-355-4579 or rebecca.lentz@chsinc.com