The nations largest Ag Cooperative, CHS, has released earning for the 3 and 6 months ending 2/28/2019. CHS, being a coop, does not have common stock outstanding.
The company has 5 perpetual preferred issues outstanding so these results may be meaningful to some of us who either do (or did) own some of these shares which have always traded strongly.
CHS had earnings of $249 for the most recent 3 month period and $596 million for the 6 month period ending 2/28/2019.
While the headline earnings numbers look good, the profits all came from the companies energy business, which is primarily refining and marketing crude oil products.
The companies revenues are dominated by the ag segment with revenue of $11.3 billion with energy contributing revenue of $3.9 billion. This is about 3% lower (in total) than a year ago.
In the future, who knows when, the air will go out of the energy balloon and if the ag economy remains soft there could be problems with CHS. Regardless the company is strong and it would take many more years of a soft ag economy to hurt the company to the point of preferred holders needing to worry.