CHS Inc., the nation's leading farmer-owned cooperative and a global energy, grain and food company, reported a net income of $347.1 million for the first quarter of fiscal 2019.

"Our strong first-quarter results position us well as we start our 2019 fiscal year," CHS president and chief executive officer Jay Debertin said. "We are focused on making CHS our customers' first choice by advancing our technology solutions and equipping employees to meet the changing needs of our customers around the world. We will do this while maintaining financial discipline and rigor."

Key financial highlights for the quarter that ended Nov. 30, 2018, include:

First-quarter 2019 segment results
The following segment results were reported for the first quarter of fiscal 2019 in comparison to the first quarter of fiscal 2018:

Energy
The $112.0 million increase in Energy pretax earnings reflected improved market conditions in the refined fuels business, driven by favorable crude oil pricing.

Agriculture
The $5.1 million increase in Agriculture pretax earnings was driven by improved pricing within the company's crop nutrients and processing and food ingredients businesses and volume increases within grain and processing.

Nitrogen production
The $18.0 million increase in Nitrogen Production pretax earnings reflected improved margins within the business, driven by increased sales prices of urea and urea ammonium nitrate, which are produced and sold by CF Nitrogen.

Corporate & Other
The $24.3 million increase in Corporate & Other pretax earnings reflected higher earnings from CHS's investments in Ventura Foods LLC and Ardent Mills LLC as well as increased interest revenue from the company's financing business.

In late December 2018, CHS, a 25% owner of West Central Distribution, exercised its option to purchase the remaining 75% of the respected crop protection distribution company and is in the process of completing due diligence and satisfying regulatory, legal and other requirements.