Strong Global Demand for Ag and Energy Generated $782.6 Million in Fiscal 2023 First Quarter Net Income
CHS Inc., the nation’s leading agribusiness cooperative, today released results for its first quarter ended Nov. 30, 2022. The company reported quarterly net income of $782.6 million compared to $452.0 million in the first quarter of fiscal year 2022.
Fiscal 2023 first quarter highlights include:
- Revenues of $12.8 billion compared to $10.9 billion in the first quarter of fiscal year 2022, a year-over-year increase of 17%.
- Continued robust global demand for commodities, coupled with market volatility, resulted in strong earnings across all business segments.
- Significantly improved earnings in our Energy segment resulted primarily from higher refining margins driven by strong demand in rural America and global market conditions.
- Our soybean and canola processing businesses in our Ag segment benefited from strong demand for meal and oil.
- Our CF Nitrogen investment delivered strong earnings due to robust urea and UAN demand.