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CHS Inc (CHSCP0.00%). has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing includes financial statements showing total revenues of $39.3 billion, a decrease from $45.6 billion in the previous year. The decrease is attributed to lower selling prices and volumes across various segments.
Cost of goods sold was $37.5 billion, representing 95.5% of sales, compared to 94.8% in the previous year. This increase in cost ratio is due to lower margins in the Energy and Ag segments.
The company reported a gross profit of $1.75 billion, compared to $2.38 billion in the previous year, with the decline attributed to less favorable market conditions.
Operating earnings were $584 million, down from $1.34 billion in the previous year. This decrease is primarily due to lower margins and increased marketing, general, and administrative expenses.
Net income for the year was $1.1 billion, down from $1.9 billion in the previous year. After preferred dividends, net income attributable to CHS Inc. was $1.1 billion, compared to $1.9 billion in the previous year.
Cash provided by operating activities was $1.27 billion, while cash used in investing and financing activities was $1.43 billion and $814 million, respectively.
CHS had a working capital of $3.31 billion as of August 31, 2024. The company continues to focus on maintaining a strong balance sheet and financial liquidity.
The filing outlines various financial agreements, including a note purchase agreement and amendments to existing credit agreements.
CHS does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to the implementation of a new enterprise resource planning system.
CHS continues to focus on its core businesses, including energy, agronomy, and grain marketing, while navigating less favorable market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CHS Inc 8% Cumulative Redeemable Preferred Stock annual 10-K report dated November 6, 2024. To report an error, please email earnings@qz.com.