CHS Inc., the agriculture cooperative and energy company, said Friday its fiscal third-quarter earnings fell 53 percent due to maintenance at a refinery and difficult base of comparison.
CHS reported earnings of $178.1 million for the three months ended May 31, down from $379.5 million a year ago.
Revenue fell 28 percent to $8.7 billion.
Its performance a year ago was lifted by a one-time gain of $108.8 million attributed to the establishment of the Ardent Mills flour milling joint venture in May 2014.
Meanwhile, its latest results were shaped by "significantly reduced refining margins" and scheduled maintenance at its refinery in McPherson, Kan., the company said in a statement. Decreased propane earnings also played a role.
CHS' agriculture segment also declined in several areas, including lower earnings from logistics within grain marketing, reduced volumes of grain and wholesale crop nutrients, lower ag-related margins in CHS retail facilities and lower market prices for renewable fuels.
For the first nine months of its fiscal year, CHS reported a 26 percent decrease in earnings to $649.6 million from $881.7 million a year ago.
Nine-month revenue was $26.6 billion, down 19 percent from $32.7 billion a year ago. CHS attributed the changes to lower average prices for the refined energy products, grains and fertilizer that make up a significant portion of its business.
