Posts By Date - Green Markets

CHS 2Q Income Up on Tax Benefit

April 4, 2018Breaking Industry News, Northern PlainsSteve Seay

CHS Inc., St. Paul, Minn., reported a significant surge in net income attributable to the cooperative for the second-quarter ending Feb. 28, 2018 due to a significant tax benefit. Net income was $166.7 million on revenues of $6.9 billion versus the year-ago $14.6 million and $7.3 billion, respectively.

Absent the tax benefit, CHS segments were all reporting lower income, with the Agriculture segment increasing its losses to $30.9 million from the year-ago loss of $9.3 million. Nitrogen Production was down at $4.5 million from $5.5 million and Energy declined to $9.9 million from $16.6 million.

“The global environment for our businesses serving agriculture remains challenged and we continue to drive towards our priorities of better efficiency, strengthening relationships, and a more focused business portfolio,” said CHS President and CEO Jay Debertin. “We have more work to do and we are seeing improvement that will make us a stronger company.” He said CHS made meaningful progress in the first half as it continues to position for high performance.

IPL Calls Urea Tender

Indian Potash Ltd, called a tender for urea to close April 10, with a ship-by date of May 28. Rumors of a possible tender call started last week. Sources at the time expected the tender to be called by April 10 at the latest.

The last tender by MMTC that closed Feb. 27 brought in about 650,000 mt. Sources said that was enough to get the season started, but that another tender would be needed in early April at the latest to ensure a plentiful supply of urea for the current season.