St. Paul, MN - April 8, 2020 - CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today 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 second quarter of fiscal year 2020 compared to revenues of $6.5 billion for the second quarter of fiscal year 2019.
In the first six months of fiscal year 2020, CHS reported net income of $303.3 million compared to net income of $596.3 million in the first six months of fiscal year 2019.
"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.
"This crop needs to get planted. Farmers will get this crop planted. And we will be there to be part of it as we support them and our communities."
Second Quarter Fiscal 2020 Business Segment Results
The following segment results were reported for the second quarter of fiscal year 2020 as compared to the second quarter of fiscal year 2019.
Energy
Pretax earnings of $138.9 million in the second quarter of fiscal year 2020 compared to $306.6 million for the second quarter of fiscal year 2019 reflect:
Ag
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:
Nitrogen Production
Pretax earnings of $5.7 million in the second quarter of fiscal year 2020 compared to pretax earnings of $10.7 million in the second quarter of fiscal year 2019 reflect:
Corporate and Other
Pretax earnings of $4.0 million in the second quarter of fiscal year 2020 compared to pretax earnings of $7.0 million in the second quarter of fiscal year 2019 reflect: