St. Paul / MN. (chs) CHS Inc., an energy grains and foods company and the United States´ leading farmer-owned cooperative, reported earnings of 869,6 million USD through the third quarter of fiscal 2013.
The earnings attributable to CHS of 869,6 million USD for the period (September 01, 2012 to May 31, 2013) represent a decline of about three percent from the 899,7 million USD reported for the first three quarters of fiscal 2012. Revenues for nine months were 33,5 billion USD, up 13 percent from 29,6 billion USD for the same period a year ago, reflecting increased year-to-date average prices and grain sales volumes.
Earnings for the third quarter (March 01 to May 31, 2013) were 250,8 million USD, down from 405,1 million USD for the same period in fiscal 2012. The decline was largely attributed to delayed spring planting in many areas which affected crop inputs movement, lower grain exports resulting from a reduced 2012 U.S. harvest and scheduled maintenance at the CHS Laurel, Montana, refinery. Revenues for the quarter were 11,9 billion USD, compared with 11,0 billion USD for the same three-month period in fiscal 2012.
Year-to-date, Energy segment earnings decreased slightly due to lower margins in refined fuels partially offset by strong performance in propane, lubricants and transportation operations. Earnings for the CHS Ag segment declined through the third quarter primarily due to lower margins resulting from reduced grain exports and the late spring planting season which affected the company´s wholesale crop nutrients businesses. Earnings also declined for CHS local Country Operations retail businesses as the late, wet spring reduced fertilizer movement.
CHS reports results for its business services operations and its two food processing-related joint ventures under the Corporate and Other category which recorded improved profitability through the third quarter of fiscal 2013. Earnings increased largely due to improved performance by the company´s Business Solutions area, as well as its ownership in Ventura Foods LLC, the company´s packaged food joint venture and Horizon Milling, a wheat milling joint venture.