CHS 1st quarter earnings off year-ago record levels

The CEO of the nation’s largest ag cooperative suggests a drop in quarterly earnings could reflect a weaker farm economy.

Jay Debertin with CHS tells Brownfield the company reported 2024 first quarter net income of nearly $523 million, compared to $782 million during the first quarter of 2023.

“At the same time, a year ago it was a record quarter for the history of the company. This year, it’s our second-best quarter in the history of the company, so we’re really happy with the results. A very strong quarter.”

In its ag segment, CHS saw pretax earnings fall more than $117 million compared to the same period a year ago partly because of lower nitrogen prices.

“At the same time, I think for the farmers and ranchers across CHS territory, prices are a bit more reasonable than we would’ve seen a year ago. So there is that upside to it.”

And looking ahead as a propane supplier, Debertin says mild winter conditions could impact second quarter performance.

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