ST. PAUL, Minn. - CHS Inc., -- a leading grain-based foods, energy and agricultural supply company - today reported net income of $50.7 million for its first quarter of fiscal 2004, ending Nov. 30, 2003.
The first quarter earnings compare with $40.4 million for the same period of fiscal 2003. Sales for the period were $2.5 billion, up 4 percent from $2.4 billion for the same period a year ago, largely driven by increased grain prices.
Net income reflected strong solid performance in by the company's energy business, where strong petroleum refining margins contributed to earnings. CHS also reported good performance in its grains and foods operations, led driven by increased grain export demand and strong first quarter earnings for its Ventura Foods, LLC, oilseed-based foods business.
CHS Inc. is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives. A Fortune 500 company, CHS is owned by farmers, ranchers and cooperatives from the Great Lakes to the Pacific Northwest and from the Canadian border to Texas, along with thousands of preferred stockholders. CHS provides products and services ranging from grain marketing to food processing to meet the needs of customers around the world. It also operates petroleum refineries/pipelines and, through a broad range of working partnerships, markets and distributes Cenex brand energy products, along with agronomic inputs and feed to rural America. CHS is listed on the NASDAQ preferred stock market at CHSCP.