CHS Reports Fiscal Year 2019 Net Income of $829.9 Million

About this update from Chs Inc - 8% Cumulative Redeemable Preferred Stock

[{"type":"text","content":"ST. PAUL, Minn., Nov. 6, 2019 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today reported net income of $829.9 million for the fiscal year ended Aug. 31, 2019. The results reflect an increase of $54.0 million -- or 7 percent -- compared to fiscal year 2018.\nKey financial drivers for fiscal year 2019 include:\nConsolidated revenues of $31.9 billion for fiscal year 2019 compared to $32.7 billion for fiscal year 2018. Net income of $829.9 million for fiscal year 2019 compared to $775.9 million for fiscal year 2018. Improved market conditions in our refined fuels business, primarily driven by favorable purchasing of Canadian crude oil. Increased equity earnings from investments, including a $53.5 million increase related to CF Nitrogen. In addition, the CF Nitrogen investment distributed $186.5 million of cash to CHS Inc. in fiscal year 2019. Acquisition of the remaining 75 percent interest in West Central Distribution, LLC, that was not previously owned by CHS. Pressure on the volumes and margins of grain and agronomy products, including increased costs of operations due to ongoing weather- and trade-related issues. A combination of recoveries on previously recorded reserves, impairment charges and gain contingencies, which more than offset additional reserves and impairment charges taken during the year.\"We are pleased with our results on behalf of our owners in fiscal year 2019. We focused on our priorities, built on our strategies, continued to improve our control environment and leveraged the strength of our supply chain to deliver value to the farmers and co-ops that own us,\" said Jay Debertin, president and CEO of CHS Inc. \"Improving customer experience and innovations led to better results including increased diesel production at our refinery in McPherson, Kansas. Our acquisition of the remaining 75 percent interest in West Central Distribution that we previously didn't own expanded our distribution channels and grew market access in agronomy.\n\"When flooding made major riverways impassable, we leveraged our supply chain to reposition fertilizer to ensure our cooperatives and customers had the crop nutrients they needed for spring planting,\" he said. \"We identified new markets for our owners' grain to help them navigate the difficult trade situation. And we began constructio...

More updates from Chs Inc - 8% Cumulative Redeemable Preferred Stock