N🟁N

CHS posts record six-month earnings for fiscal 2013 of $618.8 million

  //house-home.news-articles.net/content/2013/04/0 .. h-earnings-for-fiscal-2013-of-618-8-million.html
  Published in House and Home on Wednesday, April 3rd 2013 at 10:15 GMT by Market Wire
          ^{🞛 This publication is a summary or evaluation of another publication}

CHS posts record six-month earnings for fiscal 2013 of $618.8 million -- ST. PAUL, Minn., April 3, 2013 /PRNewswire/ --

ST. PAUL, Minn., April 3, 2013 /PRNewswire/ -- CHS Inc. (NASDAQ: [ CHSCP ]), an energy grains and foods company and the nation's leading farmer-owned cooperative, today reported record earnings of $618.8 million through the second quarter of its 2013 fiscal year.

Earnings attributed to CHS operations for the first six months of fiscal 2013 (Sept. 1, 2012– Feb. 28, 2013) increased 25 percent from the $494.7 million reported for the first half of fiscal 2012. Earnings through the second quarter of fiscal 2013 exceeded a record for that period set in fiscal 2008.

Revenues for the six-month period of fiscal 2013 were $21.6 billion, compared with $18.6 billion for that period of fiscal 2012, reflecting increased volumes for the grain, crop nutrients and processed oilseed products the company handles, along with increased values for grain and processed oilseeds.

For the second quarter (Dec. 1, 2012– Feb. 28, 2013), CHS posted earnings of $275.1 million, more than three times the $78.5 million it reported for the same period in fiscal 2012. Revenues for the quarter were $9.9 billion, compared with $8.8 billion for the second quarter of fiscal 2012.

Earnings through the second quarter reflected strong performance within the company's Energy segment, led by its refined fuels business. Earnings increased in its propane, renewable fuels marketing and transportation businesses and declined slightly for lubricants.

Six-month earnings were essentially flat within the Ag segment which consists of crop nutrients, grain marketing, processing and food ingredients, and the company's Country Operations locally controlled retail businesses. Grain marketing saw lower earnings primarily due to reduced margins, while crop nutrients reported improved margins and increased volumes. CHS processing and food ingredients operations experienced improved soybean crushing and refining margins. Results for CHS local Country Operations retail businesses reflected stronger margins for sales of energy, fertilizer and other merchandise, partially offset by lower margins from grain sales.

CHS reports results for its business services operations and its two food processing-related joint ventures under the Corporate and Other category which recorded improved results through the second quarter of fiscal 2013. Earnings increased for the company's financing, insurance and hedging businesses, as well as its ownership in Ventura Foods, LLC, a packaged food joint venture, and Horizon Milling, a wheat milling joint venture.

CHS Inc. ([ www.chsinc.com ]) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex^® brand refined fuels, lubricants, propane and renewable energy products.

This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2012, which can be found on the Securities and Exchange Commission web site ([ www.sec.gov ]) or on the CHS web site [ www.chsinc.com ].

SOURCE CHS Inc.