Ceres Global (CRP) Q1 2025 earnings summary

Executive summary

• Achieved record handled volumes, with bushels handled rising to 31.1 million, up from 29.5 million year-over-year, and solid financial results despite limited trading opportunities due to benign weather in the Northern Plains and Canadian Prairies.

• Strategic asset utilization, robust trading/risk management, and joint ventures supported a strong start to fiscal 2025.

• Expanded regenerative agriculture partnership with Miller Milling and continued collaborations to support farmer-direct origination and customer value.

• Closed sale of 17% equity stake in Canterra Seeds Holdings Ltd.

Financial highlights

• Revenue was $202.1 million, down from $216.0 million year-over-year.

• Gross profit was $7 million, compared to $14.2 million in Q1 last year.

• Operating income was $2.9 million, down from $9 million year-over-year.

• Net income was $1.8 million (6 cents/share), down from $6.2 million ($0.20/share) last year.

• Adjusted EBITDA was $4.3 million, and adjusted net income was $2.1 million, both down from last year.

Segment performance

• Grain segment: Handled volumes increased by 5.5% year-over-year; Berthold Farmers Elevator volumes up 4%, while Farmers Grain volumes declined 2% due to flooding.

• Supply chain services and seed retail segments achieved record quarterly volumes and revenues, with supply chain service revenue up 15.4% year-over-year.

• Seed retail and processing: Record quarterly soybean crush volumes and margins, up 4% and 14% respectively over last year.