Miller Magazine Issue 110 / February 2019

38 NEWS MILLER / FEBRUARY 2019 CHS reports $347 million first quarter fiscal 2019 net income GMach commissions a turnkey plant with 500 tons/day capacity in Kenya CHS Inc., a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States, reported a net income of $347.1 million for the first quarter of fiscal 2019.”Our strong first quarter results position us well as we start our 2019 fiscal year,” said Jay Debertin, CHS president and chief executive officer. “We are focused on making CHS our customers’ first choice by advancing our technology solutions and equip- ping employees to meet the changing needs of our customers around the world. We will do this while maintaining financial discipline and rigor.” GMach, a leader of milling technologies, delivered a steel-cons- tructed turnkey mill with 500 tons/day capacity in Kenya. Cutting edge milling technologies are used within the new facility. GMach has become the solution partner for another large company of the region in Kenya and provided a turnkey facility in a short period of time like 18 months. The facility is desig- ned to operate with a minimum workforce thanks to the ad- vanced technology and engineering utilized. Fully automated PLC control, remote management, management information systems are some technologies that will enable the customer a significant competitive advantage. GMach machinery are be- ing used in many factories all over the world. The company, which is already a strong partner for Kenyan investors with turnkey solutions and machinery, has added a new reference project to its portfolio in Africa and contributed to production capabilities of this part of the world with a brand new facility. Key financial highlights for the quarter that ended Nov. 30, 2018, include: Net income of $347.1 million, an incre- ase of $159.9 million from the restated first quarter of fiscal 2018. Consolidated revenues of $8.5 billion, a $452.4 million increase from the restated first period of fiscal 2018. Pretax income of $367.2 million, an inc- rease of $159.4 million from the restated first period of fiscal 2018. Improved crude oil pricing, which drove higher refining margins. Favorable market conditions in the crop nutrients business, which resulted in higher margins. Improved earnings in the company’s CF Nitrogen, Ardent Mills and Ventura Foods investments.