CHS income plunges 50%

15 Apr 2016

Farmer-owned cooperative CHS has reported net income of $235.5 million for the first six months of its 2016 fiscal year, reflecting a 50 percent decline from net income of $471.5 million for the first six months of fiscal 2015

CHS income plunges 50%

Farmer-owned cooperative CHS has reported net income of $235.5 million for the first six months of its 2016 fiscal year, reflecting a 50 percent decline from net income of $471.5 million for the first six months of fiscal 2015. The lower earnings were attributed to the down economic cycles in the agricultural and energy sectors, which have resulted in reduced commodity prices and lower margins globally. These have combined to significantly reduce CHS profitability. Revenues through Feb. 29, 2016, were $14.4 billion, down nearly 20% from $17.9 billion for first half of fiscal 2015, and primarily reflected lower selling prices for the energy, grain and fertilizer products the company handles.

"Like others in our energy and agricultural space, CHS is experiencing the earnings impact of depressed global prices and reduced demand for refined fuels, grain and fertilizer," said CHS President and Chief Executive Officer Carl Casale. "We've experienced these types of cycles throughout our more than 85-year history and will navigate this period by finding ways to run our businesses more efficiently and effectively while continuing to serve our owners' and customers' needs."

For the second quarter of fiscal 2016 (Dec. 1, 2015 through Feb. 29, 2016), CHS reported a net loss of $31.0 million compared with earnings of $92.8 million for the same period in fiscal 2015. Results for the quarter also were attributed to the current down cycle in the company's agricultural and energy businesses. Revenues for the second quarter of fiscal 2016 were $6.7 billion, down 20 percent compared with $8.4 billion for the second quarter of fiscal 2015.

Related tags

Events & Exhibitions

Related news

Introducing Fi Europe CONNECT 2020

Introducing Fi Europe CONNECT 2020

10 Sep 2020

Presenting Fi Europe CONNECT – a virtual event designed to give you the global access, tools and collaboration opportunities to meet your business objectives.

Read more 
Finalists for Startup Innovation Challenge 2019 announced

Finalists for Startup Innovation Challenge 2019 announced

25 Nov 2019

Since 2016, Food Ingredients Global is pleased to present some of the most ground-breaking Food and Beverage solutions currently being developed. This year’s edition makes no exception with 20 exciting innovations answering the challenges of tomorrow’s...

Read more 
Naturex to highlight healthy on-the-go eating at Fi Europe

Naturex to highlight healthy on-the-go eating at Fi Europe

22 Nov 2019

Today’s consumers are busier than ever, notes Naturex, pointing out that, according to Innova, food and beverage launches tracked with an on-the-go claim grew by 23% between 2017 and 2018.

Read more 
Egypt and North Africa: A transformed economic landscape holds great potential for food ingredients

Egypt and North Africa: A transformed economic landscape holds great potential for food ingredients

17 Oct 2019

Today, Egypt is home to a fast-growing economy and is quickly emerging as a key hub for regional food exports in North Africa. In just a few years, the country has undergone a drastic economic transformation focussed on restoring the competitiveness of...

Read more 
PanaSource Ingredients at Natural Products Expo West 2020

PanaSource Ingredients at Natural Products Expo West 2020

10 Oct 2019

We will be exhibiting at Natural Products Expo West in Anaheim, California. Please stop by for a quick visit at Booth 3623!

Read more 
Prinova demonstrates global premix capabilities with innovative new formulations

Prinova demonstrates global premix capabilities with innovative new formulations

16 Sep 2019

To highlight their latest product innovations Prinova showcased a range of scientifically proven ingredients and custom formulations at this year’s Fi-Asia in Bangkok.

Read more 
Fi & Ni Europe attractions revealed

Fi & Ni Europe attractions revealed

6 Sep 2019

The organisers of Fi Europe and Ni have lifted the lid on a few of the top show features.

Read more 
Center for Plant-based Living opens

Center for Plant-based Living opens

16 Aug 2019

In response to a growing demand for information and application of a plant-based diet, St. Louis, Missouri will be home to the USA’s first fully plant-based nutrition and culinary education centre – the Center for Plant-based Living (CPBL).

Read more 
Nestlé collaborates with OpenSC on blockchain

Nestlé collaborates with OpenSC on blockchain

5 Jul 2019

Nestlé says it will break new ground in supply chain transparency through a collaboration with OpenSC – a blockchain platform that allows consumers to track their food right back to the farm.

Read more 
Chr. Hansen downgrades growth outlook

Chr. Hansen downgrades growth outlook

28 Jun 2019

Chr. Hansen has delivered what it describes as a solid financial result of 9% organic growth for the first nine months, but has adjusted its full-year organic growth outlook from 9-11% to 7-8%.

Read more