ST. PAUL, Minn., July 7, 2020 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP), the nation's leading agribusiness cooperative, today reported net income of $97.6 million for the third quarter of fiscal year 2020 that ended May 31, 2020. This represents a 78.8 percent increase compared to net income of $54.6 million in the third quarter of fiscal year 2019.
The results for the third quarter of fiscal year 2020 reflect:
"We continue to adapt how we do business to ensure the safety of our employees and our customers. A successfully managed supply chain helped our owners get the products and services they and their customers need to grow their crops. That focus also helped us deliver value to our customers around the world," said Jay Debertin, president and CEO of CHS Inc. "Improved trade relations benefited us, and, in turn, our owners, and we are eager for that to continue. We are not immune to the market pressures caused by COVID-19, and we will continue to adjust to best serve our owners and customers."
Third Quarter Fiscal 2020 Business Segment Results
The following segment results were reported for the third quarter of fiscal year 2020 compared to the third quarter of fiscal year 2019.
Pretax loss of $54.8 million in the third quarter of fiscal year 2020 compared to $1.3 million in pretax earnings for the third quarter of fiscal year 2019 reflects:
Pretax earnings of $95.4 million in the third quarter of fiscal year 2020 compared to pretax earnings of $21.1 million in the third quarter of fiscal year 2019 reflect:
Pretax earnings of $23.5 million compared to pretax earnings of $20.2 million in the third quarter of fiscal 2019 reflect:
Corporate and Other
Pretax earnings of $6.3 million compared to pretax earnings of $19.0 million in the third quarter of fiscal 2019 reflect:
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, agronomy, grains and foods, CHS is committed to creating connections to empower agriculture, helping its farmer-owners, customers and other stakeholders grow their businesses through its domestic and global operations. CHS supplies energy, crop nutrients, seed, crop protection products, grain marketing services, production and agricultural services, animal nutrition products, foods and food ingredients, and risk management services. The company operates petroleum refineries and pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document contains, and other CHS Inc. internally and publicly available documents contain, and CHS officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Report Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on CHS current beliefs, expectations and assumptions regarding the future of its businesses, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of CHS control. CHS actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause CHS actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in CHS filings made with the U.S. Securities and Exchange Commission, including in the "Risk Factors" discussion in Item 1A of CHS Annual Report on Form 10-K for the fiscal year ended August 31, 2019, and in Item 1A of Part II of CHS Quarterly Report on Form 10-Q for the quarterly period ended May 31, 2020. Any forward-looking statements made by CHS in this document are based only on information currently available to CHS and speak only as of the date on which the statement is made. CHS undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise except as required by applicable law.
CHS Inc. Earnings*
(in thousands $)
Three Months Ended May 31,
Nine Months Ended May 31,
Corporate and Other
Income before income taxes
Income tax (benefit) expense
Net income (loss) attributable to noncontrolling
Net income attributable to CHS Inc
*Earnings is defined as income (loss) before income
SOURCE CHS Inc.