CHS Q3 Revenues Increase To $6.6bn
CHS, an energy and grain-based foods company, has reported revenues of $6.6bn for the third quarter of fiscal 2010, compared to $6.2bn for the same quarter last year.
Earnings attributable to CHS operations for the third quarter of fiscal 2010 were $145.4m, more than double the $64.6m in the previous year quarter. Net income for the quarter was $159.4m compared to $76.6m in the prior year quarter.
Revenues for the nine month period were $18.6bn compared to $19.1bn through the third quarter of fiscal 2009, reflecting lower values in fiscal 2010 for the grain and crop nutrient products the company handles.
Net income for the quarter was $348.1m compared to $284.1m in the previous year period. Nine-month earnings within the Energy segment for fiscal 2010 reflected lower refining margins compared with fiscal 2009, while CHS propane, lubricants and renewable fuels marketing businesses reported higher earnings compared with results for the same period a year ago.
The company said that increased product margins and demand for both grain and crop nutrients contributed to significantly improved earnings within the company's Ag Business segment through the third quarter of fiscal 2010. Those factors also contributed to record year-to-date performance by CHS local retail operations.
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