CHS Reports Second Quarter Fiscal Year 2024 Earnings
Solid Ag Earnings Contributed to
Second quarter fiscal year 2024 highlights:
- Performance was solid across our segments, although earnings were down from the record second quarter of fiscal year 2023.
- In our Ag segment, earnings rose as agronomy markets were stronger compared to the prior year and grain and oilseed margins were stable.
- In our Energy segment, margins declined from the highs in the prior year due to changing market conditions including the impact of a historically warm winter.
- Equity method investments continued to perform well, led by our CF Nitrogen investment.
"The first six months of our fiscal year have delivered overall good financial results," said
Energy
Pretax earnings of
- Decreased refining margins due to lower market prices and less favorable pricing on heavy Canadian crude oil, partially offset by a lower cost for renewable fuel credits
- Lower margins for propane due to global market conditions
- Reduced demand for propane and refined fuels, primarily driven by warm weather conditions across much of our trade territory
Ag
Pretax earnings of
- Improved margins for our wholesale and retail agronomy products due to improved market conditions
- Increased margins for our grain and oilseed product category due to the timing impact of market adjustments
- Higher grain and oilseed volumes due to improved efficiencies and a more balanced global supply and demand environment
Nitrogen Production
Pretax earnings of
Corporate and Other
Pretax earnings of
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by Segment |
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(in thousands $) |
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Three Months Ended |
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Six Months Ended |
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Energy |
$ 51,579 |
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$ 264,822 |
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$ 318,414 |
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$ 661,416 |
Ag |
56,851 |
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(81,566) |
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226,571 |
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205,733 |
Nitrogen Production |
37,009 |
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81,733 |
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73,468 |
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178,606 |
Corporate and Other |
40,219 |
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48,033 |
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84,051 |
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84,737 |
Income before income taxes |
185,658 |
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313,022 |
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702,504 |
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1,130,492 |
Income tax expense |
15,325 |
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20,974 |
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8,803 |
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55,528 |
Net income |
170,333 |
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292,048 |
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693,701 |
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1,074,964 |
Net income (loss) attributable to noncontrolling interests |
26 |
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(273) |
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471 |
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45 |
Net income attributable to CHS Inc. |
$ 170,307 |
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$ 292,321 |
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$ 693,230 |
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$ 1,074,919 |
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*Earnings is defined as income (loss) before income taxes. |
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