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CHS Inc Class B Cumulative Redeemable Preferred Stock Series 4 (CHSCL+0.58%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports revenues of $9.29 billion, down from $11.39 billion in the same quarter the previous year. This decrease is attributed to lower selling prices and volumes in both the Energy and Ag segments.
The Energy segment reported income before income taxes of $19.8 million, a significant decrease from $266.8 million in the previous year, primarily due to lower crack spreads and decreased Western Canadian Select crude oil discounts.
The Ag segment reported income before income taxes of $166.7 million, slightly down from $169.7 million the previous year. This decline was due to lower oilseed processing margins and decreased agronomy product prices.
Operating earnings for the quarter were $137.8 million, compared to $392.9 million in the previous year. The decrease was driven by lower margins in the Energy segment.
Interest expense for the quarter was $27.6 million, slightly down from $29.6 million in the previous year, due to lower interest rates.
Equity income from investments increased to $122.3 million from $109.1 million, driven by a newly expanded joint venture.
Net income for the quarter was $245.6 million, down from $523.4 million in the previous year. The effective tax rate for the quarter was 5.1%, compared to (1.3)% in the previous year.
Cash used in operating activities was $294.0 million, compared to $147.6 million in the previous year, reflecting decreased accounts payable and net income.
The company completed its acquisition of West Central Ag Services on January 2, 2025, which offers grain and agronomy services in Minnesota.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CHS Inc Class B Cumulative Redeemable Preferred Stock Series 4 quarterly 10-Q report dated January 8, 2025. To report an error, please email earnings@qz.com.