CHS Reports Fifth Consecutive Record Year
ST. PAUL, Minn. -- CHS Inc., marketer and distributor of Cenex brand refined fuels, reported a record net income of $803 million for fiscal 2008. The company’s earnings for the 12 months ending Aug. 31, 2008, were up 6.1 percent, compared with net income of $756.7 million for fiscal 2007 (Sept. 1, 2006 to Aug. 31, 2007).
Revenues for fiscal 2008 were $32.2 billion, also a record, and were up 87 percent over $17.2 billion for fiscal 2007. The increase in revenues was largely attributed to higher values for the energy, grains, crop nutrients and the other commodities CHS handles.
These fiscal 2008 results mark a fifth consecutive year of record income and revenues for CHS, the nation's largest cooperatively owned business, the company stated.
Earnings for the fourth quarter of fiscal 2008 (June 1 to Aug. 31, 2008) were $145.4 million, compared with $297.1 million for the final quarter of fiscal 2007. Revenues for the quarter were $9.4 billion, up from $5 billion the previous year.
As a producer-owned cooperative, CHS returns a portion of its earnings to eligible owners. In 2008, based on 2007 performance, the company issued a record $340 million in cash patronage, equity redemptions, preferred stock and dividends. Based on 2008 earnings, CHS is expected to return about $340 million to owners during fiscal 2009.
The company's 2008 earnings reflected strong performance within all its business segments, led by the company's Ag Business unit consisting of its crop nutrients, grain marketing and retail operations, all of which experienced both strong global and domestic demand along with record values for the products it markets, according to CHS.
Energy earnings, while down from fiscal 2007 due to tighter refining margins, remained strong and reflected record performance from its lubricants and propane businesses. CHS also saw record performance in its corporate business solutions operations, which include its insurance, risk management and financial services businesses.
CHS Inc. is a diversified energy, grains and foods company owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders, from the Great Lakes to the Pacific Northwest and from the Canadian border to Texas. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex brand refined fuels, lubricants, propane and renewable energy products.
Revenues for fiscal 2008 were $32.2 billion, also a record, and were up 87 percent over $17.2 billion for fiscal 2007. The increase in revenues was largely attributed to higher values for the energy, grains, crop nutrients and the other commodities CHS handles.
These fiscal 2008 results mark a fifth consecutive year of record income and revenues for CHS, the nation's largest cooperatively owned business, the company stated.
Earnings for the fourth quarter of fiscal 2008 (June 1 to Aug. 31, 2008) were $145.4 million, compared with $297.1 million for the final quarter of fiscal 2007. Revenues for the quarter were $9.4 billion, up from $5 billion the previous year.
As a producer-owned cooperative, CHS returns a portion of its earnings to eligible owners. In 2008, based on 2007 performance, the company issued a record $340 million in cash patronage, equity redemptions, preferred stock and dividends. Based on 2008 earnings, CHS is expected to return about $340 million to owners during fiscal 2009.
The company's 2008 earnings reflected strong performance within all its business segments, led by the company's Ag Business unit consisting of its crop nutrients, grain marketing and retail operations, all of which experienced both strong global and domestic demand along with record values for the products it markets, according to CHS.
Energy earnings, while down from fiscal 2007 due to tighter refining margins, remained strong and reflected record performance from its lubricants and propane businesses. CHS also saw record performance in its corporate business solutions operations, which include its insurance, risk management and financial services businesses.
CHS Inc. is a diversified energy, grains and foods company owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders, from the Great Lakes to the Pacific Northwest and from the Canadian border to Texas. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex brand refined fuels, lubricants, propane and renewable energy products.