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CHS posts fiscal 2014 six-month earnings of $502.3 million

ST. PAUL, Minn., April 3, 2014 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP), an energy, grains and foods company and the nation's leading farmer-owned cooperative, today reported earnings of $502.3 million through the second quarter of its 2014 fiscal year.

Earnings attributed to CHS operations for the first six months of fiscal 2014 (Sept. 1, 2013Feb. 28, 2014) declined 19 percent from the $618.8 million reported for the first half of fiscal 2013. Revenues for the six-month period of fiscal 2014 were $20.7 billion, compared with $21.6 billion for the same period of fiscal 2013, reflecting a 4 percent decrease, primarily due to a decline in commodity prices for refined fuels and many of the grain, crop nutrients and processed oilseed products the company handles.

For the second quarter (Dec. 1, 2013Feb. 28, 2014), CHS posted earnings of $260.1 million, compared with $275.1 million reported for the same period of fiscal 2013. Revenues for the quarter were $9.7 billion, compared with $9.9 billion for the second quarter of fiscal 2013.

Results through the second quarter reflected lower overall earnings for the company's Energy segment due to lower refined fuels margins. This was partially offset by strong results for its renewable fuels marketing, propane, lubricants and transportation businesses.

Six-month earnings were lower for the Ag segment primarily due to decreased margins in CHS wholesale crop nutrients business, as well as expenses associated with the proposed fertilizer plant at Spiritwood, N.D. CHS grain marketing and locally controlled Country Operations retail businesses reported improved earnings for the six-month period due to strong logistical performance and improved margins. CHS processing and food ingredients operations recorded lower earnings overall, primarily due to lower soybean crushing margins.

CHS reports results for its business services operations and its two food processing-related joint ventures under the Corporate and Other category which increased overall earnings through the second quarter of fiscal 2014. Earnings declined for the company financing, insurance and hedging businesses, but rose for its portion of earnings generated by 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, 2013, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.

 

CHS Inc. Earnings
By segment
(in millions $)






For the Three Months Ended


 For the Six Months

Ended


Feb. 28,


Feb. 28,


2014


2013


2014


2013











Energy

$232.3


$234.2


$361.0


$487.2

Ag

33.6


50.4


149.7


162.8

Corporate and Other

24.4


14.8


49.3


31.3

 Income before income taxes

$290.3


299.4


$560.0


681.3

 Income taxes

(29.7)


(23.9)


(56.4)


(59.9)

 Net income

$260.6


$275.5


$503.6


$621.4

 Net income attributable to non-controlling interests

(0.5)


(0.4)


(1.3)


(2.6)

 Net income attributable to CHS Inc.

$260.1


$275.1


$502.3


$618.8









SOURCE CHS Inc.

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