CHS' revenues down 15%, net income down 37% in H1

CHS Inc., an US leading agribusiness cooperative, released results for its second quarter ended Feb. 29, 2024. The company reported quarterly net income of $170.3 million and revenues of $9.1 billion compared to net income of $292.3 million and revenues of $11.3 billion in the second quarter of fiscal year 2023.

For the first six months of fiscal year 2024, the company reported net income of $693.2 million and revenues of $20.5 billion compared to record net income of $1.1 billion and record revenues of $24.1 billion in the first half of fiscal year 2023.

Second quarter fiscal year 2024 highlights:

* Performance was solid across our segments, although earnings were down from the record second quarter of fiscal year 2023.

* In our Ag segment, earnings rose as agronomy markets were stronger compared to the prior year and grain and oilseed margins were stable.

* In our Energy segment, margins declined from the highs in the prior year due to changing market conditions including the impact of a historically warm winter.

* Equity method investments continued to perform well, led by our CF Nitrogen investment.

"The first six months of our fiscal year have delivered overall good financial results," said Jay Debertin, president and CEO of CHS Inc. "Our supply chain investments and well-diversified portfolio, empowered by our people and technology, are helping us perform well as we connect farmers and local cooperatives with the inputs and services they need to help feed the world."

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