-
Website will open in10seconds
CHS Q1 earnings decline, Food impacted by Ventura Foods
11 Jan 2018 --- CHS Inc., farmer-owned cooperative and grains and foods company, has reported net income of USUS$180.1 million for the first quarter of its 2018 fiscal year, compared to net income of USUS$209.2 million for the same period a year ago. Consolidated revenues for the first quarter of fiscal 2018 were US$8.0 billion, the same as fiscal 2017. Pretax income was US$199.6 million and US$225.6 million for the first quarter of fiscal 2018 and 2017, respectively.
“Despite challenging market conditions, CHS experienced a solid first quarter thanks to our continued focus on three key priorities: strengthening relationships, sharpening operational excellence and restoring financial flexibility,” said CHS President and Chief Executive Officer Jay Debertin. “In the first quarter, we recorded solid earnings from our businesses and reduced long-term debt. These actions are helping to strengthen and grow CHS.” For the first quarter of fiscal 2018, reporting segment results were: Food
This segment is comprised of the company's investment in Ventura Foods, LLC (Ventura Foods), and generated pretax income of US$1.0 million in the first quarter of fiscal 2018, compared to US$10.6 million during the same period of fiscal 2017. The decrease in earnings was due to lower margins at Ventura Foods. Agriculture The Ag segment, which includes domestic and global grain marketing and crop nutrients businesses, renewable fuels, local retail operations, and processing and food ingredients, generated pretax income of US$74.5 million for the three months ended Nov. 30, 2017, compared to US$109.2 million for the same period the previous fiscal year. The US$34.7 million decrease was primarily the result of lower margins in grain marketing, processing and food ingredients and renewable fuels. Lower volumes in grain marketing and processing and food ingredients also contributed to the decrease. The decrease was partially offset by an increase in earnings in the crop nutrients and country operations businesses. Corporate This category is primarily comprised of the company's wheat milling joint venture and its financing, hedging and insurance operations, and generated pretax income of US$5.3 million in the first quarter of 2018, compared to US$8.7 for the same period of fiscal 2017. The decrease in earnings was due to lower earnings from the wheat milling joint venture and less interest revenue due to amending a receivables securitization agreement in late FY17, pursuant to which we no longer receive interest income from those receivables. To contact our editorial team please email us at editorial@cnsmedia.com 
Related ArticlesFood Ingredients News Weekly Roundup: Univar launches Global Digital Hub, Brakes signs WRAP’s UK Plastic Pact
10 Aug 2018 --- This week, Univar officially opened its Global Digital Hub during a Digital Day event for supplier partners. UK’s foodservice wholesaler, Brakes, has signed up to WRAP’s UK Plastics Pact, furthering its commitment to lead the foodservice industry in reducing its environmental impact. Fonterra is transitioning from coal to renewable energy at its Stirling site in Otago, New Zealand and First Milk is celebrating winning the English, Scottish and Welsh regional titles at this year’s International Cheese Awards. Food Ingredients News Pardue Grain breaks ground on US$6.5m pulse processing facility in Montana, US
16 Jul 2018 --- Pardue Grain has broken ground on a new US$6.5 million pulse crop processing facility in Great Falls, Montana, US. The company's new 32,000 square-foot building will create a dozen jobs and expand its pulse processing operation including sorting, sizing, cleaning and bagging capabilities. Pardue's existing storage and transloading facility is located in Cut Bank, Montana. The expansion is expected to open in the fall of 2018, according to the company. Food Ingredients News CHS makes “great strides” to report US$229 million Q3 net income
12 Jul 2018 --- Farmer-owned cooperative and a global energy, grains and foods company, CHS Inc has reported net income of US$229.3 million for the third quarter of its 2018 fiscal year. This covers the three-month period ending May 31, 2018, and compares to a net loss of US$45.2 million for the same time period a year ago. Results for the quarter were attributed to higher operating margins in the company's Ag and Energy segments compared to previous years, primarily driven by higher margins in feed and farm supplies, crop nutrients, processing & food ingredients and refined fuels. Business News CHS reports net income of US$346m for the first half of fiscal 2018
05 Apr 2018 --- Farmer-owned cooperative and global grains and foods company, CHS Inc., has reported a net income of US$346.7 million for the first half of its 2018 fiscal year (six-month period ended Feb. 28, 2018), compared to net income of US$223.7 million for the same period a year ago. Business News ADM restructures business divisions amid falling grain margins, forms Nutrition unit
20 Mar 2018 --- Archer Daniels Midland Company (ADM) has announced the realignment of its business segments across four units – Carbohydrate Solutions, Nutrition, Oilseeds and Origination. The new segments better reflect ADM’s operating structure as the company seeks ways to remain competitive in the face of persistent tight margins in the global grains sector. |
.jpg)
.jpg)
