ST. PAUL, Minn. — CHS Inc., an energy, grains and foods company, has reported record earnings for the first half of its 2008 fiscal year of $468.9 million.
Net income for the first half of fiscal 2008, (Sept. 1, 2007, through Feb. 29, 2008) compares with $220.1 million for the same period in fiscal 2007.
Total revenues for the first two quarters of fiscal 2008, were $13.4 billion, also a record, and compared with $7.5 billion for the same period of 2007.
The revenue increase was primarily attributed to record prices for the grain, refined fuels and crop nutrients products CHS markets.
Net income for the second quarter of the 2008, fiscal year (Dec. 1, 2007 through Feb. 29, 2008) was $168 million, compared with $83.7 million for the second quarter of fiscal 2007. Revenues for the quarter were $6.9 billion, up from $3.7 billion the previous year.
Earnings through the second quarter reflect record results for the company’s ag business segment, including grain marketing, crop nutrients and retail operations, and were driven largely by strong global prices and demand.
CHS also reported strong results for its energy segment, although refined fuels earnings were down slightly due to lower refining margins.
Earnings were ahead of fiscal 2007, within the company’s processing segment, consisting of its own oilseed processing, along with joint venture food manufacturing and flour milling operations and ownership in renewable fuels manufacturing.
The company’s insurance, risk management and financial services businesses also were on track with the previous year’s performance.