CHS Inc., a leading farmer-owned cooperative and a global energy, grains and foods company, reports net income of $775.9 million for the fiscal year that ended Aug. 31, 2018.
"Our fiscal 2018 results show the progress we are making on the priorities we set for CHS," says Jay Debertin, CHS president and chief executive officer. "Our year-over-year financial performance shows good improvement, our balance sheet is solid, and our relationships with cooperative owners are strong. The diverse CHS business platform allowed us to deliver improved earnings and enables us to return $150 million in cash patronage and equity redemptions to owners even as we navigated challenging market conditions."
Key financial highlights for the fiscal year that ended Aug. 31, 2018, include:
- Net income of $775.9 million, an increase of $704 million from the previous fiscal year
- Consolidated revenues of $32.7 billion, a $646 million increase from the previous fiscal year
- Pretax income of $671.2 million, an increase of $781 million from fiscal 2017
- Energy gains driven by higher refinery margins and favorable crude oil discounts
- Disposal of assets resulted in cash proceeds of approximately $234.9 million and a pretax gain of approximately $131.8 million. The cash proceeds were used to optimize debt levels
- A tax benefit through revaluation of the company's U.S. net deferred tax liability as a result of the Tax Cuts and Jobs Act in 2017
"As we move into fiscal 2019, we continue to build on the momentum and strong performance we started in fiscal 2018. This includes evolving and growing our core businesses in a changing marketplace and capitalizing on the value of this diverse organization to make CHS our owners' and customers' first choice," says Debertin. "We are focused on serving those who grow food to feed the world."
