CHS Inc., a farmer-owned cooperative and a global energy, grains and foods company, reports net income of $346.7 million for the first half of its 2018 fiscal year (six-month period ended Feb. 28, 2018), compared to net income of $223.7 million for the same time period a year ago.
Consolidated revenues for the first half of fiscal 2018 were $14.9 billion, down from $15.4 billion for the first half of fiscal 2017. Pretax income was $185.0 million and $249.1 million for the first half of fiscal 2018 and 2017, respectively.
"CHS made meaningful progress in the first half of fiscal year 2018 as we continue to position CHS for higher performance," says CHS President and CEO Jay Debertin. "The global environment for our businesses serving agriculture remains challenged and we continue to drive toward our priorities of better efficiency, strengthening relationships, and a more focused business portfolio. We have more work to do and we are seeing improvement that will make us a stronger company."
For the second quarter of fiscal 2018 (Dec. 1, 2017 through Feb. 28, 2018), CHS reported net income of $166.7 million compared with earnings of $14.6 million for the same period in fiscal 2017. Revenues for the second quarter of fiscal 2018 were $6.9 billion, down from $7.3 billion for the second quarter of fiscal 2017.
Results for the quarter were attributed to:
- Increased margins at the company's refineries
- Decreased volumes and margins within the ag segment
- A significant tax benefit recorded during the quarter related to the Tax Cuts and Jobs Act of 2017
