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CHS Posts Earnings

CHS Inc (Cenex Harvest States), a agricultural cooperative has posted earnings for the Quarter Ending 11/30/2022.

Results were nothing less than spectacular–$783 million versus $452 million in the year ago quarter. Energy, Ag and Nitrogen were all favorable to the year ago quarter, although energy was most favorable.

The company press release is here.

The 10Q filing is here.

CHS has 5 high yield preferreds outstanding.

6 thoughts on “CHS Posts Earnings”

  1. I own both chscn and chsco just above par and want to buy more at par. I’ve always stayed away from chscp because I have assumed it will be called this July and trades at a big premium.

  2. I remember a talk they gave some time ago with the CEO and CFO, and I believe they said they won’t be doing another extension like they did previously.

    Just also as an FYI, I contacted their IR a few months ago about the reset preferreds re LIBOR/SOFR, and they still haven’t decided what to do with that yet.

  3. With that kind of cash flow redeeming preferred that are soon callable will probably take place. At least I would if I was in charge.

    I own a bit of O but a lot more L. I went with the longer call date for most of my purchases. P was always crazy, to me, to buy in recent times with the price tag on it. I stayed away from the resets.

    1. I agree fc–but they have had opportunities before and chose to forgo calls. Of course some issues are heavily owned by members (i.e. farmers) and they have let them ride for member benefits–we’ll see what happens as they have 2 coming up for potential redemption this year. I am sticking to the 6.75% and 7.10% issues as they are just under $25–and the resets are ok.

      1. I was looking to buy CHSCP for the longest time, as I knew it was mostly held by the farmer members of the co-op, and CHS decided to extend its life at call date for benefit of its members.
        Unfortunately, I was never able to buy it because I waited for it to get close to par, which it never did.

        i own CHSCM and CHSCN now, bought below par. Intend to hold these indefinitely or until they call.
        If CHSCL or CHSCO ever get to par, I intend to get some.

      2. Tim, I thought maybe that was you dumping all that CHSCL on the market today, but I see you dont own that one. It has had over 115k shares traded today over double 10 day volume ave. What the heck, I reentered at $25.48, had too much cash piling up from sells.

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