Underlying business performance stable, one-time events cause quarterly loss
PAUL, MINN. (July 14, 2017) – CHS Inc., the nation’s leading farmer-owned cooperative and a global energy, grains and foods company, announced a net loss of $45.2 million for the third quarter of its 2017 fiscal year (three-month period ended May 31, 2017), compared to net income of $190.3 million for the same period one year ago. Consolidated revenues for the third quarter were $8.6 billion, compared to $7.8 billion for the third quarter of 2016, representing a 10 percent increase.
“Despite the economic challenges in agriculture and energy, several of our underlying businesses are having a solid year,” said CHS President and Chief Executive Officer Jay Debertin. “Unfortunately, we’ve experienced three negative one-time events this fiscal year that have resulted in charges leading to a loss in the third quarter and a significant earnings decline for the year to date. In response to these events, we are implementing measures to better identify risk management gaps in some of our processes and when necessary enhance our ability to effectively manage our risks.”