Earnings attributed to CHS operations through the second quarter increased nearly 96% over $202.6 million for the same period in fiscal 2010. Revenues for the first half of fiscal 2011 reached $15.8 billion, up from $12.1 billion through the second quarter of fiscal 2010, reflecting increased values for the energy, grain and crop nutrients produce CHS handles.
For the second quarter, CHS posted net income of $194.6 million, compared with $82.7 million for the second quarter of fiscal 2010. Revenues for the quarter were $7.7 billion, up from $5.9 billion a year ago.
Year-to-date earnings for the company's energy segment reflected strong margins for its petroleum refining operations driven by global market conditions, along with strong performance for its renewable fuels marketing business.
The company's ag business segment — consisting of its grain marketing, crop nutrients, local retail operations and oilseed processing businesses — also recorded strong results attributed to both increased grain demand and fertilizer activity. Earnings were also strong for the CHS financing and hedging businesses, along with its Ventura Foods, LLC, vegetable-oil based food and Horizon Milling, LLC, wheat milling joint ventures. Those results are reported under corporate and other.
