April 8, 2020
We are pleased to share our second quarter results for fiscal year 2020. We reported net income of $125.4 million for the second quarter of fiscal year 2020, which ended Feb. 29, 2020. This compares to net income of $248.8 million in the second quarter of fiscal year 2019.
The company reported revenues of $6.6 billion for the second quarter of fiscal year 2020 compared to revenues of $6.5 billion for the second quarter of fiscal year 2019. In the first six months of fiscal year 2020, CHS reported net income of $303.3 million compared to net income of $596.3 million in the first six months of fiscal year 2019.
Today our top focus is on our core value of safety—including the health and safety of our employees, our owners and customers, and the communities where we live and work around the world—as we all navigate the impact of COVID-19. The investments we’ve made in our infrastructure effectively connect farmers and local cooperatives to the inputs and services they need during this busy spring season.
We are eager for what looks like the start of a good planting season. Spring has started in much of our trade territory. We remain cautiously optimistic that Mother Nature will treat us more gently than last year. We will support your customers, you and our communities as you get this crop planted.
State and federal officials continue to recognize that agriculture and energy are essential industries and critical to the country’s infrastructure. As the nation continues to deal with the rapidly changing situation and continually updated public health orders and guidelines, we will focus on the safety of our customers and employees and on ensuring you can access the products and services your customers and you rely on. We are committed to creating those connections to empower agriculture and to helping you grow your business.
We know you face significant challenges as we respond to circumstances we have not seen in our lifetimes. None of us planned for a global pandemic as we built our 2020 business strategies. But we know that together, as a cooperative system, we are stronger, and we will get through this together by leaning on our collective investment in the cooperative supply chain and the connections we have with each other.
If there is anything we can do to support you and your business, please don’t hesitate to contact us. Thank you for your business and support. Take care of yourselves and your families. We will be here for you.
Jay D. Debertin
President and CEO