CHS Inc. rode higher energy prices to a record $1.9 billion profit in its fiscal year that ended in August.
The Inver Grove Heights-based agribusiness attributed the 12% earnings growth to "exceptional operational performance and favorable market conditions," CEO Jay Debertin said in a news release.
Revenue for the nation's top-grossing cooperative was $45.6 billion, down 5% from 2022.
Energy profits, driven largely by the company's refinery operations and Cenex retail fuel sales, nearly doubled from the year before.
Agricultural product earnings fell $245 million because of "market-driven price declines compared to historically high prices in the previous year," the company said. A boost from Ventura Foods, an oilseed processor and ingredient supplier CHS owns in a joint venture, helped offset the ag declines.
"We will continue to collaborate, innovate and invest to meet the growing global demand for agricultural products," Debertin said.
CHS announced in September it would be returning $730 million to its cooperative and farmer owners. The company paid a record $1 billion in cash patronage and equity redemption this year.
The U.S. Department of Agriculture expects farm income will decline sharply this year but remain above the 20-year average following a record take in 2022.
