Ceres Global Reports Higher Earnings, Revenue In Q4

(RTTNews) - Ceres Global Ag Corp. (CERGF) on Friday reported net income of $11.73 million or $0.38 per share in the fourth quarter, higher than $527000 or $0.02 per basic share in the same quarter a year ago.

During this year fourth quarter, the company recognized $9.7 million in previously unrecognized deferred tax assets.

Ceres Global, that operates through three segments including, Grain, Supply Chain Services, and Seed and Processing, procures and provides agricultural commodities and value-added products, industrial products, fertilizers, energy products, and supply chain logistics services.

Revenue for the quarter increased to $196.93 million from $176.51 million last year.

"Due to disciplined analysis of markets and prudent acquisition of supplies for key customers, we expect the first quarter of fiscal year 2022 will be a record for Ceres in terms of EBITDA and pre-tax profits," said Robert Day, President and Chief Executive Officer of Ceres.