Lower prices for refined fuels and many grain and crop nutrients contributed to revenue and earnings declines at agribusiness cooperative CHS Inc. in the first six months of its fiscal year.
The Inver Grove Heights-based energy and agribusiness cooperative reported results for three months and six months ending in February.
The company's earnings for the six-month period were $503.6 million, down 18.9 percent from the period a year ago.
The company reported that overall revenue decreased 2 percent to $9.7 billion for the quarter ending in February. Revenue was down 4 percent to $20.7 billion for the first half of the 2014 fiscal year.
CHS is a global agribusiness owned by farmers, ranchers and cooperatives. Its diverse operations include energy, grains and foods.
CHS's most-profitable business is its energy division, which refines and distributes petroleum-based and renewable fuels. Earnings for the energy division were flat in the second quarter but down 26 percent in the first half of the year to $361 million. Lower overall earnings for the company's energy segment were due to lower refined-fuel margins.
CHS's agriculture division provides grain marketing services to farmers and supplies them with crop nutrients. Second-quarter earnings for that division were down 33.3 percent to $33.6 million and down 8 percent for the first half of 2014 to $149.7 million.