CHS Reports Third Quarter Earnings

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[{"type":"text","content":"Strong Global Demand Generated $547.5 Million in Net Income for Third Quarter of Fiscal Year 2023\nST. PAUL, Minn., July 13, 2023 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today released results for its third quarter ended May 31, 2023. The company reported quarterly net income of $547.5 million compared to a record third quarter net income of $576.6 million in fiscal year 2022. For the first nine months of fiscal year 2023, the company reported net income of $1.6 billion and revenues of $36.1 billion, compared to net income of $1.2 billion and revenues of $34.4 billion recorded during the same period of fiscal year 2022.\n\n \n \n \n \n \n \n\n \nFiscal 2023 third quarter highlights include:\nOur Energy segment delivered strong earnings, reflecting sustained favorable market conditions in our refined fuels business.Improved soybean and canola crush margins due to strong meal and oil demand resulted in higher earnings in our oilseed processing business.Market-driven price decreases for wholesale and retail agronomy products resulted in lower margins versus the same period last year.\"Consumer demand remains strong for energy and oilseed products, and our joint venture investments continue to contribute to strong earnings and round out our well-diversified portfolio,\" said Jay Debertin, president and CEO of CHS Inc. \"As we enter the end of our fiscal year, opportunities remain for profitability and growth in the agriculture industry, and CHS is well-positioned to maximize value for our member cooperatives, farmer-owners and customers.\"\nEnergyPretax earnings of $199 million for the third quarter of fiscal year 2023 represent a $35.8 million increase versus the prior year period and reflect:\nStrong refining margins attributed to global market conditions and favorable pricing of heavy Canadian crude oil in our refined fuels businessHigher margins were partially offset by decreased refined fuels production volumes related to planned major maintenance at our refinery in Laurel, Mont.AgPretax earnings of $233.5 million represent a $40.2 million decrease in earnings versus the prior year period and reflect:\nIncreased margins in our grain and oilseed and processing product categories, due primarily to strong meal and oil demandMarket-driven price decreases, particularly for wholesale a...

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