Driven by success in its energy business, CHS Inc. reported net income of $378 million for the first quarter of its 2015 fiscal year, an increase of 56 percent from the $242 million reported in the first quarter of fiscal 2014.
The company attributed much of the growth between Sept. 1 and Nov. 30 to its refined fuels business, along with increased earnings for its lubricants and transportation operations. However, propane earnings declined from the same period a year ago as a result of a delayed harvest and reduced grain drying.
Earnings for the CHS ag segment increased slightly compared with a year ago, from $119 million to $137 million. That part of the company includes its domestic and global grain and crop nutrients businesses, renewable fuels, local retail, and processing and food ingredients operations.
CHS is a major farmer-owned cooperative and a global energy, grains and food company, with headquarters in Inver Grove Heights.