St. Paul, Minn.-CHS Inc.’s ag business segment saw a 133 percent increase in income before taxes for the third quarter ending May 31. Earnings were $179.9 million on sales of $6 billion, up from the year-ago $77.1 million and $2.4 billion. The unit includes crop nutrients, grain marketing, and local retail operations. Crop nutrients generated $54.9 million of the earnings, according to CHS. Nine-month ag business income was $504.6 million on sales of $14.1 billion, up from the year-ago $108 million and $6.1 billion, respectively. CHS said the record performance by its ag business was driven by high global and domestic demand for fertilizer and grain. By contrast, the CHS energy segment saw a significant decline, with third-quarter income dropping to $12.5 million from the year-ago $178 million. Nine-month energy income was $165.7 million, down from $338.7 million. As a result, CHS third-quarter net income was off, at $188.7 million on sales of $9.3 billion from the year-ago $239.6 million and $4.7 billion, respectively. Nine-month net income was $657.6 million on sales of $22.8 billion, compared to the year-ago $459.6 million and $12.2 billion, respectively.
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