CHS Inc., the nation’s largest agricultural cooperative, Wednesday reported a more than threefold increase in quarterly profits, buoyed by a standout performance in its energy business.
Inver Grove Heights-based CHS posted second-quarter earnings of $275.1 million, up from $78.5 million during the same period a year ago. Its sales for the quarter tallied $9.9 billion, up from $8.8 billion a year earlier.
CHS’ energy segment, home to its Cenex brand of products and gas stations, reported operating income of $234 million, up from $42 million a year ago.
The increase was rooted in CHS’ refined fuels business, as input oil prices were relatively low compared to prices for its finished products. CHS owns a refinery in Montana and 75 percent of a second refinery in Kansas.
CHS’ agricultural segment had operating earnings of $50.4 million during the second quarter, up 39 percent from $36.2 million from a year ago. The increase was primarily driven by the company’s wholesale fertilizer business and its processing and food ingredients operations.