CHS Posts Record 2011 Profits
INVER GROVE HEIGHTS, Minn. -- CHS Inc., operator of Cenex convenience stores, earned a net income of $206.5 million for its fiscal fourth quarter. The U.S. agricultural cooperative and fuel marketer and refiner earned $154.1 million during the same quarter last year.
For its 2011 fiscal year, which ended Aug. 31, CHS reported record earnings of $961.4 million. That figure nearly doubled the $502.2 million net income the company earned for its fiscal year 2010. CHS' previous record net annual income was $803 million in 2008.
The energy sector led the way regarding CHS' latest earnings. In total, revenues increased to $10.6 billion for its fourth quarter, compared to $6.6 billion during its 2010 fourth quarter.
"CHS' renewable fuels marketing and distribution business also generated record earnings," the company said, referring to ethanol and biofuels, reported Reuters.
As Convenience Store News Online reported last month, CHS sold its Mountain Mudd business to Café International LLC for an undisclosed sum. That sale is not reflected in the latest quarterly figures.
Mountain Mudd is a kiosk concept that sells beverages, with a primary focus on coffee.
Cenex ranked as the fifth fastest-growing c-store chain in 2011. There are currently 1,400 branded locations in 22 states.