Ceres Global Ag Reports Financial Results for Q4 FY2018
Minneapolis, MN, (September 25, 2018) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced its financial and operating results for the quarter and year ended June 30, 2018. All amounts are in U.S. currency unless otherwise noted.
“Despite lower volumes and fewer opportunities to generate larger gross margins in the fourth quarter of fiscal 2018, net income and adjusted net income were significantly better than the same quarter in the prior year,” said Robert Day, President and Chief Executive Officer of Ceres. “We were challenged by extreme hail damage and maintenance costs at Northgate and floods in the upper Mississippi River region that negatively affected volumes. Despite the lower volumes, we changed our footprint to lower operating costs, we developed stronger customer relationships, and we grew our supply chain services business at Northgate.”