Magazine article Rural Cooperatives

CHS Earns $992.4 Million on Record $44.5 Billion Sales

Magazine article Rural Cooperatives

CHS Earns $992.4 Million on Record $44.5 Billion Sales

Article excerpt

Strong earnings on energy sales helped CHS Inc. earn $992.4 million for 2013, its second-highest net income on record, even though down from the record-breaking $1.26 billion earnings posted for 2012. The gains from energy sales helped to offset an otherwise "challenging year in global agriculture," the nation's largest co-op said in announcing its 2013 financial performance.

CHS' $44.5 billion in revenue for fiscal 2013 was a record, and an increase of 10 percent over $40.6 billion in 2012, the previous record. Fiscal 2013 was the co-op's third consecutive year of record revenues. The increase was primarily attributed to higher sales volumes within the company's energy and agriculture segments. Average selling prices increased for grain and oilseed products but declined overall in the energy segment.

"Fiscal 2013 was a challenging year for agriculture, but, once again, the strength of our diverse business portfolio, along with a strong domestic and global footprint, combined to deliver economic value for the U.S. farmers, ranchers and cooperatives who own us," says Carl Casale, president and CEO of CHS, a grain, energy and foods cooperative. "Performance for fiscal 2013, combined with several consecutive years of strong earnings, enabled CHS to invest in growing our business, to maintain a strong balance sheet and--most important--to return direct economic value to our owners."

In fiscal 2013, based on record fiscal 2012 earnings, CHS returned "a landmark $598. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.