At the CHS Annual Meeting tonight, attendees voted to award a $20,000 first-place teacher grant from the CHS Foundation to Amelia Hayden, a first-year ag educator at Osseo-Fairchild High School. In honor of its 75-year anniversary, the foundation is awarding a total of $75,000 in grants for K-12 teachers to implement projects that will engage students in experiential agricultural education.
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CHS owners elected five board members to three-year terms during the cooperative’s 2022 annual meeting held Dec. 1 and 2 in Minneapolis, Minn.
(more…)Net Income of $1.7 Billion and Revenues of $47.8 Billion Exceed Previous Records
CHS Inc. reported net income of $1.7 billion for the fiscal year ended Aug. 31, 2022, compared to $554.0 million for fiscal year 2021.
Key financial drivers for fiscal year 2022 results include:
“We appreciate the support of our member cooperatives and farmer-owners, which enabled us to deliver a substantial increase in earnings for the fiscal year, while also helping feed people around the world,” said Jay Debertin, president and CEO of CHS Inc. “Additionally, our employees demonstrated their dedication to helping our owners and customers succeed in a turbulent year for agriculture. As a result of these collective efforts, CHS intends to return $1 billion in cash patronage and equity redemptions to our member cooperatives and farmer-owners in fiscal year 2023, reflecting the company’s financial strength and demonstrating the value of cooperative ownership.
“We are proud of our role in the cooperative system. We will continue to make investments that strengthen rural America and help our farmer-owners and customers meet the growing demand for agricultural products. Our investments in infrastructure, supply chain capabilities, people and innovation are driving operational and efficiency gains throughout our expansive network,” Debertin added. “Although economic uncertainty, logistical challenges and inflationary pressures remain, CHS is well-positioned to maximize value for our member cooperatives and farmer-owners.”
Fiscal year 2022 segment results are:
Pretax earnings of $616.6 million represent a $627.1 million increase versus the prior year and reflect:
Pretax earnings of $657.6 million represent a $359.5 million increase versus the prior year and reflect:
Pretax earnings of $478.0 million represent a $357.0 million increase versus the prior year and reflect:
Pretax earnings of $57.9 million represent a $48.9 million decrease versus the prior year and reflect:
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, agronomy, grains and foods, CHS is committed to creating connections to empower agriculture, helping its farmer-owners, customers and other stakeholders grow their businesses through its domestic and global operations. CHS supplies energy, crop nutrients, seed, crop protection products, grain marketing services, production and agricultural services, animal nutrition products, foods and food ingredients, and risk management services. The company operates petroleum refineries and pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document and other CHS Inc. publicly available documents contain, and CHS officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on CHS current beliefs, expectations and assumptions regarding the future of its businesses, financial condition and results of operations, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of CHS control. CHS actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause CHS actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in CHS filings made with the U.S. Securities and Exchange Commission, including in the “Risk Factors” discussion in Item 1A of CHS Annual Report on Form 10-K for the fiscal year ended August 31, 2022. These factors may include: changes in commodity prices; the impact of government policies, mandates, regulations and trade agreements; global and regional political, economic, legal and other risks of doing business globally; the ongoing war between Russia and Ukraine; the impact of inflation; the impact of epidemics, pandemics, outbreaks of disease and other adverse public health developments, including COVID-19; the impact of market acceptance of alternatives to refined petroleum products; consolidation among our suppliers and customers; nonperformance by contractual counterparties; changes in federal income tax laws or our tax status; the impact of compliance or noncompliance with applicable laws and regulations; the impact of any governmental investigations; the impact of environmental liabilities and litigation; actual or perceived quality, safety or health risks associated with our products; the impact of seasonality; the effectiveness of our risk management strategies; business interruptions, casualty losses and supply chain issues; the impact of workforce factors; our funding needs and financing sources; financial institutions’ and other capital sources’ policies concerning energy-related businesses; uncertainty regarding the transition away from LIBOR and the replacement of LIBOR with an alternative reference rate; technological improvements that decrease the demand for our agronomy and energy products; our ability to complete, integrate and benefit from acquisitions, strategic alliances, joint ventures, divestitures and other nonordinary course-of-business events; security breaches or other disruptions to our information technology systems or assets; the impact of our environmental, social and governance practices, including failures or delays in achieving our strategies or expectations related to climate change or other environmental matters; the impairment of long-lived assets; and other factors affecting our businesses generally. Any forward-looking statements made by CHS in this document are based only on information currently available to CHS and speak only as of the date on which the statement is made. CHS undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise except as required by applicable law.
As America’s largest farmer-owned cooperative, the cooperative model and the strength it brings to local communities is the backbone of CHS. Every October, that model is celebrated as part of National Co-op Month, which aims to spread awareness about the benefits of being part of the cooperative system and the important role cooperatives play in their communities.
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CHS Inc., the nation’s leading agribusiness cooperative, intends to return a total of $1 billion in cash patronage and equity redemptions to its owners in calendar year 2023, delivering on its objectives to share profits with owners and contribute to building strength in rural America.
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For 75 years, the CHS Foundation has helped develop the next generation of ag leaders for lifelong success. In honor of this milestone, the CHS Foundation will award $75,000 in grants for K-12 teachers to implement a project at their school that will engage students in experiential agricultural education.
(more…)Third quarter net income of $576.6 Million in fiscal 2022 earnings reflect continued strong global demand
CHS Inc., the nation’s leading agribusiness cooperative, today released results for its third quarter ended May 31, 2022. The company reported third quarter net income of $576.6 million and revenues of $13.1 billion, compared to third quarter fiscal year 2021 net income of $273.6 million and revenues of $10.9 billion. For the first nine months of fiscal year 2022, the company reported net income of $1.2 billion and revenues of $34.4 billion, compared to net income of $305.0 million and revenues of $28.0 billion recorded during the same period of fiscal year 2021.
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The following information is provided by Nationwide®, the #1 farm and ranch insurer in the U.S.* June is National Safety Month and we want to recognize the volunteer firefighters who keep our rural communities safe and partners like Nationwide who support them with training and resources.
Dan Neenan became a volunteer firefighter in 1991 and quickly saw something that would become a huge part of his career. First responders in small towns like his often didn’t have the training and equipment they needed to save lives on the farm.
So he set out to change that. Now more than 30 years later, Neenan embodies how and why to be a volunteer firefighter. He’s a paramedic specialist and firefighter II with the Epworth and Centralia/Peosta, Iowa, fire departments. He’s also the director of the National Educational Center for Ag Safety (NECAS) that provides valuable resources like grain bin rescue tubes to rural first responders. And through a close partnership with Nationwide, he’s been able to deliver what he saw lacking when he first started fighting fires and saving lives.
A huge part of Neenan’s work at NECAS is providing training for rural firefighters and farmers. Much of his instruction is hands-on and involves simulating some of the most hazardous working conditions and settings on and around farms.
“We develop hands-on training programs like our grain bin safety training that involves a state-of-the-art grain entrapment simulator to conduct entrapment and rescue simulations. Farmers and firefighters are alike in that they don’t want to sit and listen to somebody talk for 8 hours,” Neenan said. “They want to go out and get their hands dirty. And do something.”
In the almost 20 years since beginning these programs and simulators, Neenan said it’s not always easy to gauge his success. But with around 10,000 first responders having completed training, it’s clear he’s leading a team that’s making a big difference. And saving lives.
“From the safety side, it’s really hard to count an incident that didn’t happen,” he said. “From the rescue side, it’s a different story. Thirty-two departments have completed our grain bin safety training and have gone on to rescue someone in a bin.”
Neenan has led lifesaving efforts. But he’s quick to point out he’s no hero. To him, he’s just one member of a larger team — including Nationwide — who has made a lifesaving difference in farm towns around the country. It’s part of why he is a volunteer firefighter.
“If you look at the partnership we have with Nationwide and all the partners who have come together to donate or help make something like Grain Bin Safety Week happen, do I play a part in it? Yes. Am I the only reason? I don’t think so,” Neenan said. “It takes a team to do that. Just like a fire department.”
Visit AgInsightCenter.com for expert tips and information from Nationwide for your farm or ranch.
*A.M. Best Market Share Report 2021.
Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company.
© 2022 Nationwide
ERSKINE, MINN. (June 14, 2022) – CHS will begin construction this summer on a new state-of-the-art grain facility with 1.25 million bushels of additional storage capacity in Erskine, Minn. The facility is slated to be operational in the fall of 2023 and will help CHS expand operational capabilities and increase efficiency across its footprint. The new shuttle elevator will bring total capacity at the location to 4.55 million bushels of storage and will complement existing CHS grain, agronomy and energy assets and offerings for area producers.
“CHS is committed to growing our cooperative with customer-focused solutions that make it easier for producers to do business with us,” says Rick Dusek, executive vice president of CHS ag retail operations. “Our people, assets, capabilities and operational footprint are the strengths of our retail platform, and this important project advances our strategy to expand our customer-focused retail solutions platform, creating value and driving growth for farmers – as customers and owners. This facility is a key location in the flow of grain from the Upper Midwest to export terminals in the Pacific Northwest.”
The new terminal is the latest in a series of investments throughout Minnesota and North Dakota by CHS. In keeping with its core value of safety, the company has placed priority on safety features and advancements to improve operating conditions.
“Along with expanding our grain handling capabilities and value to area farmers, the new facility will create advantages for our employees, farmers and community,” says James Hardy, who manages CHS Northern Grain, a CHS business unit with eleven grain facilities in northwest Minnesota. “Improved traffic flows, better operating conditions, advanced equipment and the latest safety advances are just some of the innovations to help us provide a better customer experience. We want to get producers in, out and back to the field as quickly and safely as possible.”
Vigen Construction out of East Grand Forks, Minn., is overseeing this construction project.
CHS Northern Grain is a part of CHS Inc., (www.chsinc.com) a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, agronomy, grains and foods, CHS is committed to creating connections to empower agriculture, helping its farmer-owners, customers and other stakeholders grow their businesses through its domestic and global operations. CHS supplies energy, crop nutrients, seed, crop protection products, grain marketing services, production and agricultural services, animal nutrition products, foods and food ingredients, and risk management services. The company operates petroleum refineries and pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document and other CHS Inc. publicly available documents contain, and CHS officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on CHS current beliefs, expectations and assumptions regarding the future of its businesses, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of CHS control. CHS actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause CHS actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in CHS public filings made with the U.S. Securities and Exchange Commission, including in the “Risk Factors” discussion in Item 1A of CHS Annual Report on Form 10-K for the fiscal year ended August 31, 2020. Any forward-looking statements made by CHS in this document are based only on information currently available to CHS and speak only as of the date on which the statement is made. CHS undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable law.
CHS monitors energy, fertilizer and grain market dynamics to help cooperatives, retailers and the farmers they serve navigate even the most challenging market conditions for the crop inputs to raise healthy, profitable crops. Check out our latest Markets in Review.
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