April 3 Grain and energy trader CHS Inc
on Wednesday reported its strongest-ever fiscal
first-half profit after second-quarter earnings more than
tripled from a year earlier largely due to strong results from
the company's energy segment.
First-half earnings jumped 25 percent to a record $618.8
million, topping the previous record performance in fiscal 2008,
the company said in a release.
In the fiscal second quarter ended Feb. 28, Minnesota-based
CHS, which is also the largest farm cooperative in the United
States, posted a net profit of $275.1 million, up from $78.5
million a year earlier.
Energy segment profit soared to $234.2 million in the second
quarter, from $42.1 million a year earlier, led by strong
results in its refined fuels business.
Profit in its agriculture segment jumped nearly 40 percent
to $50.4 million in the quarter. Higher crop nutrient margins
and volumes and stronger soybean crushing and refining margins
were partly offset by lower earnings in grain marketing, CHS
Higher grain, oilseed and crop nutrient prices and increased
volumes propelled first-half revenues to $21.6 billion, up from
$18.6 billion a year earlier.
The worst U.S. drought since 1934 slashed crop yields last
year and sent prices to historic highs.