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Cooperative CHS reports net income of $471.5 million for first six months of fiscal 2015

ST. PAUL, Minn., April 8, 2015 /PRNewswire/ — CHS Inc. (NASDAQ: CHSCP), the nation’s leading farmer-owned cooperative and a global energy, grains and foods company, today announced company net income of $471.5 million for the first six months of its 2015 fiscal year.

CHS net income of $471.5 million for the period Sept. 1, 2014 through Feb. 28, 2015, represented a 6 percent decrease from $502.3 million for the same period of fiscal 2014, primarily attributed to lower earnings within the company’s energy businesses, which were partially offset by improved performance by the company’s Ag segment.  Revenues of $17.9 billion for the first half of fiscal 2015 were down 14 percent compared with $20.7 billion through the second quarter of fiscal 2014, largely due to lower average selling prices for the commodity energy, grain, fertilizer and processed grains the company handles.

For the second quarter of fiscal 2015 (Dec. 1, 2014Feb. 28, 2015), CHS reported net income of $92.8 million compared with $260.1 million for the same quarter of fiscal 2014. Revenues for the quarter of $8.4 billion declined from $9.7 billion the same period a year ago.

Earnings within the Energy segment declined for the six-month period, primarily due to significantly lower petroleum refining margins during the second quarter, as well as lower propane earnings.

The company’s Ag segment – which includes its grain marketing and fertilizer businesses, renewable fuels, local retail operations, and soybean processing and food ingredients – reported increased earnings through the second quarter. Within this segment, wholesale fertilizer margins increased while local retail operations earnings improved due to higher grain volumes and margins. CHS processing business reported increased income. Renewable fuels earnings were flat, while grain marketing earnings declined, primarily due to decreased logistical performance which was partially offset by improved export margins.

CHS reports results for its business services operations and its two food processing-related joint ventures under the Corporate and Other category which experienced lower profitability through the second quarter of fiscal 2015, primarily due to lower earnings from company finance, risk management and insurance businesses, its equity investments in wheat milling and vegetable-oil foods joint ventures.

CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex®brand refined fuels, lubricants, propane and renewable energy products.

CHS Inc. Earnings

By segment

(in millions $)

For the Three Months Ended

For the Six Months Ended

February 28,

February 28,

2015

2014

2015

2014

Energy

$14.1

229.1

291.3

355.5

Ag

58.0

38.0

200.4

157.2

Corporate and Other

18.4

23.2

34.4

47.3

Income before income taxes

90.5

290.3

526.1

560.0

Income taxes

(2.4)

29.7

54.9

56.3

Net income

92.9

260.6

471.2

503.7

Net income attributable to non-controlling interests

0.1

0.5

(0.3)

1.4

Net income attributable to CHS Inc.

$92.8

260.1

471.5

502.3

SOURCE: CHS Inc.