CHS Reports $596.3 million of net income for first six months of fiscal 2019

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[{"type":"text","content":"ST. PAUL, Minn., April 3, 2019 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP, CHSCO, CHSCN, CHSCM, CHSCL), the nation's leading farmer-owned cooperative and a global energy, agronomy, grains and foods company, today reported net income of $248.8 million for the second quarter of fiscal 2019 and $596.3 million for the first six months of fiscal 2019.\n\"Our strong performance in the second quarter reflects our hard work at serving our owners and other customers better. We've refocused on serving our customers and improving our operations, and that has shown positive results in our financials for the first half of fiscal 2019,\" said Jay Debertin, CHS president and chief executive officer. \"Our performance also reflects the benefit of a diverse platform across business units that serves our cooperative and farmer-owners.\" \nKey financial highlights for the quarter ending Feb. 28, 2019, include:\nConsolidated revenues of $6.5 billion compared to $7.0 billion in the restated second quarter of fiscal year 2018. Net income of $248.8 million compared to $166.0 million from the restated second quarter of fiscal year 2018. Pretax income of $261.9 million compared to a loss of $21.7 million from the restated second quarter of fiscal 2018. Favorable pricing for crude oil supplied to the CHS refinery business. Higher earnings from the investments in CF Nitrogen and Ventura Foods.\"The first six months of our fiscal year have returned overall good financial results,\" Debertin said. \"But we face challenges, particularly in our Ag segment. These challenges of low commodity prices, trade difficulties and harsh winter weather impact all of agriculture, especially farmers. As we look to the rest of our fiscal year, we know there are factors such as the recent flooding we cannot control that will continue to affect agribusiness and those growing the food to feed the world.\" \nSecond Quarter Fiscal 2019 Segment ResultsThe following segment results were reported for the second quarter of fiscal 2019 as compared to second quarter fiscal 2018.\nENERGYThe $282.1 million increase in Energy pretax earnings reflects:\nImproved market conditions in the CHS refined fuels business, primarily driven by favorable pricing on heavy Canadian crude oil.AGThe $8.9 million decrease in Ag pretax earnings was driven by:\nSignificant pressure on grain volume and margin ...

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