Image courtesy of CHS Inc.
CHS Inc., the nation's leading agribusiness cooperative, today reported net income of $1.9 billion for the fiscal year ended Aug. 31, 2023, compared to $1.7 billion for fiscal year 2022.
Key drivers for fiscal year 2023 financial results include:
"The support of our member cooperatives and farmer-owners, dedication of our employees, exceptional operational performance and favorable market conditions enabled us to achieve the strongest earnings in our history during fiscal year 2023," said Jay Debertin, president and CEO of CHS Inc. "As a result, CHS intends to return $730 million in cash patronage and equity redemptions to our member cooperatives and farmer-owners in fiscal year 2024, demonstrating our commitment to sharing profits with the producers, local cooperatives and rural businesses that work with us to help feed people around the world.
"Our shared success showcases the unique power of the cooperative system to keep adapting and advancing through the uncertainties that can come with agriculture. We will continue to collaborate, innovate and invest to meet the growing global demand for agricultural products," Debertin added. "A diversified portfolio, coupled with strategic investments in supply chain capabilities and emerging market opportunities, positions CHS to create a better company for the future and to maximize value for our owners and customers."
Fiscal Year 2023 Business Segment Results include:
Pretax earnings of $1.1 billion represent a $458.9 million increase versus the prior year and reflect:
Pretax earnings of $411.8 million represent a $245.8 million decrease versus the prior year and reflect:
Pretax earnings of $260.8 million represent a $217.2 million decrease versus the prior year due to lower equity income from our CF Nitrogen investment attributed to decreased market prices of urea and UAN.
Corporate and Other
Pretax earnings of $259.8 million represent a $201.9 million increase versus the prior year and reflect, among other factors, increased equity income from our Ventura Foods joint venture, which experienced more favorable market conditions for edible oils, and increased interest income.
For more information, visit chsinc.com.