News Column

BRIEF: CHS posts strong third quarter

July 9, 2014

By Tom Webb, Pioneer Press, St. Paul, Minn.



July 09--Farm and energy cooperative CHS Inc. said its earnings rose 51 percent in the third quarter, boosted by strength in the ag sector and a one-time gain from its flour milling assets.

The Inver Grove Heights-based co-op said Wednesday that it earned $379 million in the quarter, compared with $251 million the previous year. Revenue was flat, totaling nearly $12 billion, the company said.

CHS recorded a large one-time gain as its Horizon Milling flour mills, jointly owned with Cargill, became part of a large milling entity called Ardent Mills. That transaction gave CHS a one-time gain of $109 million, the company said.

The co-op's refining and energy business continued to be the top earner in the quarter, accounting for more than half of the company's earnings. But the biggest gains were recorded in its ag businesses, where net earnings more than doubled to $109 million, the company said.

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(c)2014 the Pioneer Press (St. Paul, Minn.)

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Source: Saint Paul Pioneer Press (MN)


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