CHS net income hampered by energy struggles in 1st quarter of FY ’21
The nation’s largest farm cooperative attributes reduced first quarter net income mostly to its struggling energy segment.
President Jay Debertin says CHS experienced the highest volume fall fertilizer season since 2013 and benefited from improved trade opportunities over the past year. But ongoing challenges on refined fuels margins related to COVID-19 and decreased propane demand sunk profits during the first quarter of 2021 to $69.7 million compared to almost $178 million during the same period a year ago.
He says the Twin Cities-based coop will be focused on key priorities the remainder of the fiscal year, including protecting the financial health of CHS, and caring for those who depend on them bringing efficiencies to how they run their businesses and deliver products.