CHS Files “Late Filing” Notice with SEC

We have been awaiting the filing of results for CHS for the fiscal year ended 8/31/2018 (see below).

The company has just now filed a NT 10K–an inability to file report in a timely fashion because of the earlier frand acts affecting years 2015-2018.

The company expects income before taxes for Fiscal 2018 to be approximately $671 million.

The filing can be read here.

7 thoughts on “CHS Files “Late Filing” Notice with SEC”

  1. looks like they got the filing in this morning. Snippet below:
    CHS Reports Fiscal 2018 Net Income of $776 Million
    ST. PAUL, Minn., Dec. 3, 2018 /PRNewswire/ — CHS Inc. (NASDAQ: CHSCP, CHSCO, CHSCN, CHSCM, CHSCL), the nation’s leading farmer-owned cooperative and a global energy, grains and foods company, today reported net income of $775.9 million for the fiscal year that ended Aug. 31, 2018.
    “Our fiscal 2018 results show the progress we are making on the priorities we set for CHS,” said Jay Debertin, CHS president and chief executive officer. “Our year-over-year financial performance shows good improvement, our balance sheet is solid, and our relationships with cooperative owners are strong. The diverse CHS business platform allowed us to deliver improved earnings and enables us to return $150 million in cash patronage and equity redemptions to owners even as we navigated challenging market conditions.”
    Key financial highlights for the fiscal year that ended Aug. 31, 2018, include:
    • Net income of $775.9 million, an increase of $704 million from the previous fiscal year.
    • Consolidated revenues of $32.7 billion, a $646 million increase from the previous fiscal year.
    • Pretax income of $671.2 million, an increase of $781 million from fiscal 2017.
    • Energy gains driven by higher refinery margins and favorable crude oil discounts.
    • Disposal of assets resulted in cash proceeds of approximately $234.9 million and a pretax gain of approximately $131.8 million. The cash proceeds were used to optimize debt levels.
    • A tax benefit through revaluation of the company’s U.S. net deferred tax liability as a result of the Tax Cuts and Jobs Act in 2017.

    1. Thanks Leonard–I had seen that but haven’t perused it yet. Looks like a non event of sorts.

  2. I bought the CHSCL (7.50% coupon, my YOC 7.47%) and CHSCM (6.75, 6.62) at issuance. I watched them both trade up into the $28 to $30 range but did not sell, because I don’t have the time or desire to be a trader. At present prices of 26.25 and 24.53 they both have a YOC of around 7% (without accounting for accrued dividends). I have no idea what to do with this information, except to note that I could buy more of the CHSCM at a higher YOC than what I got initially.

  3. If you take the stated revisions to be correct, then using their 2017 Form 10-K it looks like this (in $ Millions):
    2015: 768.2 revised down to 700.4
    2016: 429.8 to 402.1
    2017: (54.8) to (110.2)
    2018: 671.2
    For a total of $140.9M revision for 2015 – 17.

  4. Company provides estimated of restated income in the 8-k. This is not a train wreck. Added shares on Friday. We shall see.

    1. Bob, You eased my mind, and I decided just at market open to put in a bid of CHSCN at 25.07 and it executed. Now the bad news… I got until market close to figure out what to sell to cover the trade…Or option two…put a major hurt to my checking accout and cover it with cash.

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