CHS is reporting net income of $776 million for the 2018 fiscal year. That’s an increase of $704 million from last year. The biggest increase came from its energy business, due to stronger refinery margins. In an interview with the Red River Farm Network, CHS President and CEO Jay Debertin said it is the co-op’s fifth best year ever. CHS had gains associated with the sale of the Council Bluffs pipeline and terminal, the sale of 34 convenience stores and the sale of its insurance platform. “We were really diligent about what assets we would sell and the ones we chose, we believe the company is not going to be hampered at all. In most cases where they are part of our supply picture, we entered into long-term supply agreements so we can continue to use the assets. The whole goal behind that was strengthening the balance sheet.” Last year, CHS was only able to provide $10 million in equity revolvement. This year, cash patronage and equity redemptions will total $150 million. The CHS Annual Meeting will be held this week in Minneapolis.
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