MINNEAPOLIS, Dec. 5, 2014 /PRNewswire/ -- CHS Inc. (NASDAQ:
CHSCP), the nation's leading farmer-owned cooperative and a global
energy, grains and foods company, must capture new opportunities to
build on the momentum that has driven its robust growth and strong
financial performance, company leaders reported today at its 2014
annual meeting.
"The unprecedented success this company has achieved in recent
years has delivered tremendous value for you – in dependable input
supplies, market opportunity, economic returns and investments in
your future," Carl Casale, CHS
president and chief executive officer, told farmer-owners,
cooperative leaders and others attending its 2014 Annual Meeting.
"CHS remains in motion, on a trajectory for exciting new
destinations. But we can never put our future on autopilot. We must
constantly recharge our momentum, finding new ways to increase our
speed and adjusting our trajectory to stay ahead of competitive
forces."
Casale addressed nearly 2,500 member-owners and others attending
the CHS Annual Meeting at the Minneapolis Convention Center. The meeting –
which carried the theme Momentum – outlined how CHS will achieve
its three objectives: investing in future, delivering direct
economic value to owners and remaining financially strong for its
owners.
CHS Board Chairman David
Bielenberg, an Oregon
farmer, told the audience "momentum is all about staying power.
That's why, as a board, we are 100 percent owner-focused and
committed to maintaining a strong, successful company that is your
first choice for products, services and marketing, and one that
delivers a direct economic return. Not only today, but for many
tomorrows."
In recapping company performance, Executive Vice President and
Chief Financial Officer Tim Skidmore
said CHS delivered outstanding results in fiscal 2014 that included
strong earnings and revenues, significant economic returns to its
owners and major investments, all supported by the strongest
balance sheet in company history.
For fiscal 2014 (Sept. 1, 2013 –
Aug. 31, 2014), CHS reported net
income of $1.1 billion on revenues of
$42.7 billion, each the second best
in company history. The company also returned an unprecedented
$637.2 million to its owners in cash
and preferred stock. Based on fiscal 2014 results, CHS will
distribute an estimated $518 million
in cash in fiscal 2015, consisting of patronage, equity redemptions
and preferred stock dividends.
In addition to company updates, the meeting included a full day
of interactive exhibits, nearly four dozen educational sessions and
a keynote address from Sheryl
Connelly, in-house futurist for Ford Motor Company, on
consumer trends that will influence agriculture and energy trends
shaping. Among those also attending the meeting were 155 farmers
and ranchers from across the U.S. who took part in the CHS New
Leaders Forum, a program that builds next generation leaders for
agriculture and rural America.
Recent CHS business highlights include:
- Announced in September that the company would proceed with
plans to construct a $3 billion
fertilizer manufacturing plant at Spiritwood, N.D.
- Initiated $406 million in
projects at its Laurel, Mont.,
refinery to boost efficiency and increase diesel production.
- Issued $1.4 billion in preferred
stock on the NASDAQ exchange over the past 18 months; this included
retiring previously earned cooperative owner qualified equity with
$200 million in preferred stock
- Acquired Terral River Service,
securing storage and ensuring fertilizer supply in the Delta region
through eight Mississippi River terminals.
- Purchased an ethanol plant at Rochelle, Ill., with 133 million gallons of
annual production, adding value for corn producers and accessing
strong markets for ethanol and its coproduct, DDGS.
- Completed a $30 million
production expansion, along with equipment and food quality process
upgrades, at its Creston, Iowa,
soybean processing facility.
- Became an owner of a grain export terminal being built at
Necochea, Argentina, providing
access to growing Asia-Pacific
markets.
- Opened four new propane terminals and made other significant
investments to ensure secure supply amid the loss of a major
regional distribution pipeline.
- Invested in the future of agriculture, cooperatives and rural
communities with $10.5 million in
contributions from CHS Corporate Citizenship and the CHS
Foundation.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned
by farmers, ranchers and cooperatives across the United States. Diversified in energy,
grains and foods, CHS is committed to helping its customers,
farmer-owners and other stakeholders grow their businesses through
its domestic and global operations. CHS, a Fortune 100 company,
supplies energy, crop nutrients, grain marketing services, animal
feed, food and food ingredients, along with business solutions
including insurance, financial and risk management services. The
company operates petroleum refineries/pipelines and manufactures,
markets and distributes Cenex® brand refined fuels,
lubricants, propane and renewable energy products.
This document contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995
that are based on management's current expectations and
assumptions. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from the potential results discussed in the
forward-looking statements. The company undertakes no obligations
to publicly revise any forward-looking statements to reflect future
events or circumstances. For a discussion of additional factors
that may materially affect management's estimates and predictions,
please view the CHS Inc. annual report filed on Form 10-K for the
year ended Aug. 31, 2014, which can
be found on the Securities and Exchange Commission web site
(www.sec.gov) or on the CHS web site www.chsinc.com.
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SOURCE CHS Inc.