CHS Q3 Profit Down

(RTTNews) - CHS Inc. (CHSCP) reported that its net income attributable to the company for the third quarter of fiscal 2015 were $178.1 million, down 53 percent from $379.5 million for the same period of fiscal 2014.

The third quarter of fiscal 2014 included a one-time gain of $108.8 million attributed to the establishment of the Ardent Mills flour milling joint venture in May 2014.

Fiscal 2015 third quarter revenues of $8.7 billion declined 28 percent from the same three-month period a year ago.

CHS Ag segment earnings through the third quarter also declined. This decrease was attributed to lower earnings from logistics within grain marketing compared with the first three quarters of fiscal 2014, as well as lower grain and wholesale crop nutrients volumes. In addition, through the third quarter of fiscal 2015, CHS retail facilities experienced lower agronomy margins. Earnings for CHS renewable fuels marketing and production operations declined due to lower market prices which resulted in lower marketing commissions; those lower earnings were partially offset by the 2014 acquisition of a Rochelle, Ill., ethanol plant.

CHS reports results for its business services operations and its two food processing-related joint ventures under the Corporate and Other category which reported lower earnings through the third quarter of fiscal 2015 primarily due to the one-time gain in fiscal 2014 associated with the formation of the Ardent Mills milling joint venture.

CHS announced that the company will not issue non-qualified equity to eligible cooperative member-owners as part of its patronage distribution for fiscal 2015.