PROPELLED by increased grain and oilseed volumes and values, CHS, the nation's largest farmer-owned cooperative, reported $618.8 million in earnings through the second quarter of its fiscal year.
CHS said earnings increased 25% from the $494.7 million reported for the first half of fiscal 2012 and exceeded the previous record for the period set in 2008.
First-half revenues tallied $21.6 billion, up from $18.6 billion in the first half of 2012, reflecting increased volumes for grain, crop nutrient and processed oilseed products, as well as increased values for grains and processed oilseeds.
For the second quarter, CHS earnings were $275.1 million, more than triple the $78.5 million reported for the same period in 2012, while revenues totaled $9.9 billion, up from $8.8 billion last year.
Quarterly earnings were fueled by a strong performance within the company's Energy segment, specifically from its refined fuels business. Six-month earnings were essentially flat within the Ag segment and Country Operations retail business.
CHS also reported that its annual Harvest for Hunger food and funds drive raised an additional 30% in 2013, with 60 of the cooperative's Country Operations retail locations hosting fund-raising and food collection activities.
Coupled with the company's contributions of more than $312,000 to local community and regional food banks, the drive raised the equivalent of 3.2 million meals.
John McEnroe, executive vice president of CHS Country Operations, said the drive raised more than 742,000 lb. of canned and fresh foods, as well as $490,000 in cash and grain donations.
Since its inception in 2011, the program has raised more than 7.5 million meals during its three annual drives, which are conducted each March.
McEnroe said, on average, every $1 contributed through the program yields five meals for hungry citizens.
"It's powerful to see how each dollar, canned food item and donation of grain or produce, along with CHS's contribution, combined to make such a tremendous impact for those who need it most."