NAFB News Service
CHS, Inc., released its second-quarter earnings results of $292.3 million in net income compared with $219 million in the second quarter of fiscal year 2022. The second quarter ended on Feb. 28.
For the first six months of fiscal year 2023, the company reported net income of $1.1 billion and revenue of $24.1 billion. That compares with net income of $671 million and $21.2 billion in revenue during the first half of fiscal 2022.
The report also said decreased prices for agronomy products and ethanol contributed to lower earnings in the company’s agriculture segment.
“Strong global demand for commodities and improved market conditions for refined fuels led to increased earnings for the quarter as well as the first half of the fiscal year,” said Jay Debertin, President and CEO of CHS. “The strength of our diversified portfolio offset margin pressures experienced in our ag segment, particularly wholesale and retail agronomy products.”