The farmers and ranchers who are members of CHS, the biggest US co-operative, are to split a record payout after the energy and agriculture group achieved a 91% jump in earnings.

Carl Casale, the former Monsanto finance director, revealed record results at CHS in his first full-year results statement since joining the energy and agriculture giant early in 2011.

Revenues soared 46% to $36.9bn for the year, which ended at the close of August, reflecting "higher values for the energy, grain and crop nutrients products that comprise the majority of CHS business", the group said.

Earnings leapt to $961.4m, sufficient to bankroll a payment of $421m, up 85% year on year, to owners through cash patronage, equity redemptions and dividends on preferred stock, which are listed on the Nasdaq stock exchange.

Weather setback

The profits improvement was led by the energy business, which overtook the agriculture division in earnings terms with a near-tripling to $629.9m.

"This increase is primarily from improved margins on refined fuels" from the group's refineries at Laurel, Montana and McPherson in Kansas, lifted by higher prices, CHS said.

The increase more than offset the impact of a 10% drop in volumes of propane sold – as the better harvest conditions a year ago, compared with the dismally wet 2009 season – cut farmers' drying needs.

Energy revenues rose 30% to $11.1bn.

Weather boost

In agriculture itself, earnings jumped 63% to $438.8m, on revenues up 54% at $25.8bn, led by the core grains operations, which raised both volumes and sales prices.

The average price crops achieved rose $2.64 a bushel, or 42%, year on year.

Meanwhile, Horizon Milling, the joint venture with Cargill, "generated record returns, primarily due to improved margins".

Fertilizer operations raised revenues by 50% to $2.4bn, helped by a rise of 34% in the sales price of nutrients –in line with the cost increase CHS faced – besides higher volumes.

"Our wholesale crop nutrient volumes increased 16% during the year… mainly due to good weather conditions in the fall of fiscal 2011 which allowed for early fertilizer application compared to a late fall harvest in fiscal 2010 which delayed fertilizer application," CHS said.

CHS was formed in 1998 from the merger of Minnesota-based Cenex and Harvest States Co-operative, becoming Cenex Harvest States, later shortened to CHS.