CHS Reports Fiscal Year 2020 Net Income of $422.4 million

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[{"type":"text","content":"ST. PAUL, Minn., Nov. 5, 2020 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today reported net income of $422.4 million for the fiscal year that ended Aug. 31, 2020. This compares to fiscal year 2019 net income of $829.9 million. \nKey financial drivers for fiscal year 2020 include: \nConsolidated revenues of $28.4 billion for fiscal year 2020 compared to $31.9 billion for fiscal year 2019. Strong supply chain performance in our propane business driven by efficiently sourced propane to customers to meet strong crop drying and home heating demand that contributed to improved results especially during the first half of fiscal year 2020. Less advantageous market conditions in our refined fuels business, primarily driven by the COVID-19 pandemic, resulted in volume and price declines that significantly reduced earnings compared to the prior year. Poor weather conditions negatively impacted our Ag segment's operations during the first half of fiscal year 2020, resulting in lower crop yields and poor grain quality following a late harvest and lower crop nutrient sales during fall 2019. Improved weather conditions during the 2020 spring planting season drove increased earnings across much of our Ag segment in the second half of fiscal year 2020.\"Our focus remains on serving our owners, local cooperatives and our customers around the world, keeping our employees safe and ensuring the company emerges stronger after the pandemic,\" said Jay Debertin, president and CEO of CHS Inc. \"Since March, we have been focused on taking care of those who depend on us, maintaining financial strength and planning for the future.\" \n\"We delivered record earnings in propane and benefited from good weather that led to a good planting season. Consistent with our focus on innovation in agriculture, we were awarded a patent for a crop input product that can help plants access more phosphorus and, in turn, have better yield. Continued work on integration of the West Central acquisition of 2019 and leveraging commercial synergies resulted in strong crop protection sales, and we moved increased volumes of grain because of improved trade relations,\" he said. \"Like many companies, we were not immune to the challenges posed by the impacts of the pandemic especially in our refined fuels business and with our Ventura F...

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