CHS Reports Second Quarter Earnings
CHS released its earnings results for the second quarter that ended on February 28. The company reported a second-quarter income of $219 million and revenues of $10.3 billion. That compares to a net loss of $38.2 million and $8.3 billion in revenues for the first quarter of fiscal year 2021. For the first six months of the current fiscal year 2022, the company reported a net income of $671 million and revenues of $21.2 billion.
Some highlights in the fiscal year include refining margins in their energy segment, which were higher due to global supply and demand factors, and more favorable pricing for Canadian crude oil, which CHS refines. Robust global demand, coupled with increased market volatility, resulted in higher commodity prices and improved earnings, primarily in the company’s agricultural segment.
“The U.S. agricultural industry continues to experience strong demand for grain and oilseed commodities,” says Jay Debertin, president and CEO of CHS, Inc.
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