Latest news with #TomCoyle
Yahoo
23-05-2025
- General
- Yahoo
Greece students demonstrate skills in Responding to Emergencies showcase
ROCHESTER, N.Y. (WROC) — Greece Central School District students will demonstrate their public safety and emergency response skills on Thursday for the district's Responding to Emergencies (RTE) showcase. The event is to be held at Odyssey Academy and highlight what students have learned during their participation in an innovative career pathway program, exposing them to the work of first responders and training. The RTE Career Pathway Program trains students interested in pursuing careers in law enforcement, fire service, and emergency medical service careers with classroom instruction and mentorship sponsored by local agencies including the Ridge Road Fire District, Barnard Fire District, North Greece Fire District, Lake Shore Fire District, Monroe County Fire Bureau, Monroe Ambulance, Greece Police Department, Monroe County Sheriff's Office, and Monroe Community College. Gates Volunteer Ambulance expresses value of community support during National EMS Week The showcase includes interactive stations led by students who will demonstrate CPR, hose handling, first aid, and ladder operations. An added feature of the event is the debut of a fully functional ambulance donated by Monroe Ambulance to be used as a mobile training lab. 'Monroe Ambulance is proud to support the next generation of emergency responders. This program aligns with our mission to serve the community and invest in the future of EMS,' said the president of Monroe Ambulance, Tom Coyle. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
15-05-2025
- Business
- Yahoo
Q3 2025 Ceres Global Ag Corp Earnings Call
Tom Coyle; Interim President, CEO, and Board Member; Ceres Global Ag Corp Blake Amundson; Chief Financial Officer, Vice President; Ceres Global Ag Corp Operator Good afternoon, everyone. Welcome to the Ceres Global Ag earnings call for the third quarter results for the fiscal year 2025. (Operator Instructions) I would like to remind everyone that today's discussion may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on the risks and uncertainties related to these forward-looking statements, please refer to the company's management's discussion and analysis available on SEDAR-plus and the company's website. I now would like to turn the call over to Tom Coyle, Interim President and CEO of Ceres Global Ag. Please go ahead, Mr. Coyle. Tom Coyle Thank you, operator, and good afternoon, everyone. In the third quarter of fiscal 2025, tariffs became a growing concern throughout the commodity markets and have been our primary focus. The scale and scope of the tariffs have been larger than expected and their on and off nature created uncertainty in the markets. This generated significant volatility and exposure during the third quarter. At the beginning of 2025, we took proactive measures to protect the company from the impact of potential tariffs. Key to this was our cross-border infrastructure. To manage tariffs on Canadian products entering the US, we expedited volumes of grain to our US facilities. Our Canadian facilities are well positioned to serve its international customers and address potential reciprocal tariff issues. We will continue actively managing tariff risks while leveraging our cross-border origination capabilities to deliver value for customers and end users. Despite the challenging macroeconomic environment, we achieved solid financial results for both the quarter and year-to-date. Volumes handled were up 24% compared to Q3 of fiscal '24, and year-to-date, our volumes were up 13%. As Blake will detail a bit later, we achieved higher net income compared to Q3 of last year, even with lower commodity prices due to increased efficiency and lower G&A expenses. Looking into the rest of fiscal 2025, our cross-border infrastructure and our joint ventures, which enable our farm direct origination strategy and allow us to deliver unique value to our customers will play a vital role in helping to weather the uncertain market conditions. In our Seed Retail and Processing segment, we continued to generate substantial year-to-date volumes at the Jordan crush plant. With a solid local soybean supply, Jordan was able to service Canadian market needs for express soybean meal and soybean oil. During the third quarter, we increased our focus on local demand for both soybean meal and soybean oil to help reduce tariff exposure on products moved to the US customers. We forecast adequate local soybean supply and ongoing efficiency improvements to operate the plant near capacity through the rest of the fiscal year. In the Supply Chain Services segment, we achieved higher revenue from increased grain storage and elevations. Industrial product volumes, including oriented strand board were modestly lower compared to Q3 '24 and year-to-date and fertilizer volumes seasonally slowed. Propane and butane volumes were lower in Q3 due to ongoing geopolitical and trade disputes. We expect Supply Chain Services volumes to rebound in the fourth quarter to maintain its record pace of revenue and volume for the fiscal year. I will now turn things over to Blake to review our financial results for the quarter. Blake? Blake Amundson Thank you, Tom, and good evening, everyone. Before I begin, please note that all dollar amounts expressed in today's call are in US dollars unless otherwise stated. For definitions and reconciliations of non-IFRS measures, including the reference to adjusted EBITDA, working capital and adjusted net income, please refer to Section 8 of this quarter's MD&A. Starting with the financials for the quarter. Revenue rose by 1.3% to $215 million from the same period last year. Gross profit was $6.2 million compared to $7.8 million in Q3 of last year, mainly due to fewer margin opportunities on our core commodities. Income from operations was $2.3 million compared to $2.8 million in Q3 last year. We had net income of $1.6 million or $0.05 per share compared to a net income of $985,000 or $0.03 per share in the same period last year. Adjusted EBITDA and adjusted net income were $4.1 million and $1.6 million compared to $4.1 million and $991,000 in the same period last year. We handled 26.4 million bushels of grain and oilseed during the quarter, an increase of 24.4% from Q3 of last year. Moving on to the financials for the first three quarters of fiscal year '25. Revenue fell 10.3% to $637 million, primarily due to lower prices across our core commodities. Gross profit was $17 million, down from $29.8 million in the first three quarters of 2024. We handled and traded 86.4 million bushels of grain and oilseed in the first three quarters of 2025, up 13% from the same period last year. Income from operations was $4.9 million compared to $15.5 million in the first nine months of 2024. Net income totaled $3 million or $0.10 per share compared to $9.9 million or $0.32 per share in the same period last year. Adjusted EBITDA and adjusted net income were $9.7 million and $3.3 million, respectively, compared to $19.6 million and $10.1 million from the first half of last year. Net trading margin was $21.5 million, down 38.1% from the prior year due to lower trading margins. Supply Chain Services revenue was $5.7 million, up $10.9 million from last year -- or 10.9% from last year, mainly due to higher third-party storage and elevations. Our net Seed and Processing margin was $5.9 million in the first nine months of 2025, down from $6.6 million in the same period last year, primarily due to lower crush and trading margins. General and administrative expenses were $12.2 million, down 14.7% as a result of lower insurance expense and lower incentive accruals in the first three quarters of fiscal year '25. Year-to-date, interest expense was $3.7 million, down from $5.1 million last year. There was an income tax expense of $661,000 compared to an income tax expense of $4.1 million in the same period last year. At the end of the third quarter of 2025, we had $92.8 million of working capital. This concludes my review of our financials. For more information, please refer to our MD&A and financial statements. I'll now turn it back to Tom to provide some comments on our outlook for the quarter ahead. Tom? Tom Coyle Thank you, Blake. It goes without saying that tariffs will remain a key concern of the commodity markets for the rest of the year. We will continue to monitor global events to ensure we are positioned to protect our market position and identify new trading opportunities. Trade relations with China will be critical for supply chains in both the US and Canada, requiring diligence to maximize opportunities and manage risk. Fluctuations in the US dollar will also have an impact on trade flows and prices in our core products. We will continue leveraging our ability to originate from Canada and the US, supply our destination customers effectively and navigate tariff challenges. In our fiscal fourth quarter, our grower partners will begin planting for the 2025 crop. Acreage decisions and weather conditions will be critical during this period. The Ceres team will monitor the crop to service our customers and capitalize on market opportunities. Potential market volatility from geopolitical conflicts, including the Russia-Ukraine war and Middle East tensions will continue to be a concern, and we will proactively adjust our trading strategies to adapt to changing conditions. In volatile markets, Ceres is advantaged in several ways. We have forged strong relationships with the farm gate in both the US and Canada and developed a diverse base of domestic and export customers in our core product lines. We will continue to use our asset base and market knowledge to provide timely information, logistics support and reliable marketing solutions. This includes assisting farm customers in adopting regenerative agriculture practices to supply the growing demand for Millers. We have also established deep connections to our Miller customers by being able to be nimble in meeting their needs from storage to logistics to providing them with grain they require from organic to regenerative specialties on a timely basis. This is supported by an expert team with global trading expertise and a commitment to operational efficiency. Thank you for joining our call today. We look forward to continuing to report on our progress in future quarters. As stated earlier, we will not take live questions today, but answer all messages sent to ceresir@ Thank you.
Yahoo
15-05-2025
- Business
- Yahoo
Ceres Global Ag Corp (CERGF) Q3 2025 Earnings Call Highlights: Navigating Tariff Challenges and ...
Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ceres Global Ag Corp (CERGF) achieved a 24% increase in volumes handled compared to Q3 of fiscal 2024. The company reported higher net income compared to Q3 of the previous year, despite lower commodity prices. Ceres Global Ag Corp (CERGF) has effectively leveraged its cross-border infrastructure to manage tariff risks and deliver value to customers. The seed retail processing segment generated substantial year-to-date volumes at the Jordan Crush plant, benefiting from a solid local soybean supply. Supply chain services revenue increased due to higher grain storage and elevations. Tariffs have created significant volatility and exposure in the commodity markets, posing a challenge for Ceres Global Ag Corp (CERGF). Gross profit decreased from $7.8 million in Q3 of last year to $6.2 million, mainly due to fewer margin opportunities. Revenue for the first three quarters of fiscal 2025 fell by 10.3% due to lower prices across core commodities. Income from operations decreased significantly from $15.5 million in the first nine months of 2024 to $4.9 million in 2025. Propane and butane volumes were lower in Q3 due to ongoing geopolitical and trade disputes. Warning! GuruFocus has detected 3 Warning Sign with CERGF. Q: How did tariffs impact Ceres Global Ag Corp's operations in Q3 2025? A: Tom Coyle, Interim President and CEO, explained that tariffs were a significant concern, creating market uncertainty and volatility. The company took proactive measures, such as leveraging cross-border infrastructure to manage tariffs on Canadian products entering the US, which helped mitigate some of the impacts. Q: What were the financial highlights for Ceres Global Ag Corp in Q3 2025? A: Blake, the financial officer, reported that revenue increased by 1.3% to $215 million compared to the same period last year. Net income was $1.6 million, or $0.05 per share, up from $985,000, or $0.03 per share, in the previous year. The company handled 26.4 million bushels of grain and oil seeds, a 24.4% increase from Q3 of last year. Q: How did Ceres Global Ag Corp's seed retail processing segment perform? A: Tom Coyle noted that the Jordan Crush plant continued to generate substantial volumes, servicing Canadian market needs for soybean meal and oil. The company focused on local demand to reduce tariff exposure on products moved to US customers and expects to operate near capacity through the rest of the fiscal year. Q: What challenges and opportunities does Ceres Global Ag Corp foresee for the rest of fiscal 2025? A: Tom Coyle highlighted that tariffs, trade relations with China, and fluctuations in the US dollar will remain key concerns. The company plans to leverage its cross-border origination capabilities to navigate these challenges and capitalize on market opportunities, including supporting regenerative agriculture practices. Q: What strategic advantages does Ceres Global Ag Corp have in volatile markets? A: Tom Coyle emphasized the company's strong relationships with farm gates in the US and Canada, a diverse customer base, and an expert team with global trading expertise. These factors, along with their asset base and market knowledge, position Ceres to provide reliable market solutions and support to customers. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
14-05-2025
- Business
- Cision Canada
CERES GLOBAL AG CORP. REPORTS THIRD QUARTER RESULTS FOR FISCAL YEAR 2025
MINNEAPOLIS, May 14, 2025 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) (" Ceres" or the " Corporation") today announced its financial and operating results for the three-month and nine-month period ended March 31, 2025. All amounts are in U.S. dollars unless otherwise noted. Highlights for the quarter ended March 31, 2025 (Comparisons to the quarter ended March 31, 2024) Net income for the quarter was $1.6 million compared to income of $985 thousand for the same quarter in the previous year. Tom Coyle was appointed Interim President and Chief Executive Officer, replacing Carlos Paz, effective January 1, 2025. On February 3, 2025, the Corporation amended its revolving credit facility extending the maturity date two years. Under the new credit facility, the maximum amount remained the same with $50 million committed and $100 million uncommitted and is a sustainability linked loan which could decrease the interest rate by 8 basis points if the Corporation achieves the key performance indicator (" KPI") linked to its regenerative agriculture initiatives. On February 10, 2025, the Corporation amended its term loan facility. The amendment reduced the applicable margin by 25 basis points and extended the maturity date to February 10, 2030. "In light of recent U.S. trade policies and resulting tariff-driven market volatility, we adapted to changing market conditions to deliver solid quarterly and year-to-date results," commented Tom Coyle, Interim President and CEO of Ceres. "As uncertainty around tariffs persists, we remain committed to actively managing tariff risks while leveraging our cross-border network of assets to deliver value for our partners." Mr. Coyle continued, "With our team of industry experts and effective trading and risk management practices, we were able to navigate these challenging market conditions. Our joint ventures, along with our Supply Chain Services and Seed Retail segments, have also continued to perform well this quarter." Summary Financial and Operational Results 1, 2. See the Non-IFRS Financial Measures and Reconciliations section Outlook Mr. Coyle added, "Looking ahead, the landscape remains challenging with tariffs driving significant volatility in commodity markets. Uncertainties in U.S.-China trade relations and rising geopolitical tensions will continue to impact global agricultural supply chains. To navigate the shifting landscape and potential disruptions in trade flows, we are proactively positioning Ceres to mitigate these risks while remaining vigilant of evolving trade policies." "With Canada and the U.S. entering their planting seasons, we will be closely monitoring weather conditions and crop developments to capitalize on market opportunities as they arise. By maintaining a strong focus on executing our core strategy of effectively trading our core products and maximizing the potential of our assets, we are well-prepared to navigate the complexities of the current market environment and deliver value to our shareholders." Conference Call Details Management of Ceres will host a conference call today, May 14, 2025, at 06:00 p.m. ET. All interested parties can join the conference call by dialing 1-888-510-2154 or 1-437-900-0527. The conference call ID is 52264. Please dial in 15 minutes prior to the call to secure a line. A live audio webcast of the conference call will be available at Please connect at least 15 minutes before the conference call to ensure adequate time for any software download required to join the webcast. An archived replay of the webcast will be available for 90 days. Non-IFRS Financial Measures and Reconciliation 1. Adjusted EBITDA (adjusted Earnings before Interest, Taxes, Depreciation and Amortization) is not a standardized financial measure prescribed by IFRS; however, it is a metric that is used by management to determine the Corporation's ability to service its debt and finance capital. In calculating adjusted EBITDA, Ceres excludes gains and losses on property, plant and equipment, assets held for sale, and gains and losses on equity investments. Ceres may calculate adjusted EBITDA differently than other companies; therefore, Ceres' adjusted EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that adjusted EBITDA should not be construed as an alternative to net income or loss, or to other standardized financial measures determined in accordance with IFRS and is not intended to represent cash flows or results of operations in accordance with IFRS. See the table below for the reconciliation of adjusted EBITDA. 2. Adjusted net income is not a standardized financial measure prescribed by IFRS; however, it is a metric that the Corporation believes can provide useful information to investors and shareholders as it can be used to evaluate the performance of the business. Adjusted net income excludes major one-time write offs, such as severance and employee cost reduction measures, as well as legal fees that relate to DOJ and CFTC investigations. See the table below for the reconciliation of adjusted net income. About Ceres Global Ag Corp. Ceres and its subsidiaries add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high‐quality agricultural commodities, value‐ added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres connects farmers to customers around the world. Ceres is headquartered in Golden Valley, Minnesota, and together with its affiliated companies, operates 10 locations across Saskatchewan, Manitoba, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 29 million bushels. The Corporation also owns membership interests in three agricultural joint ventures that have an aggregate grain and oilseed storage capacity of approximately 16 million bushels. Ceres has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Berthold Farmers Elevator, LLC (a joint venture with The Berthold Farmers Elevator Company), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 41.6% interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), and a 25% interest in Stewart Southern Railway Inc. (a short‐line railway located in southeast Saskatchewan with a range of 130 kilometers). For more information about Ceres, please visit Forward-looking Statements This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information may include, but is not limited to, statements regarding future operations and results, anticipated business prospects and financial performance of Ceres and its subsidiaries, including the plans, costs, timing and capital for the further development of the Northgate Commodities Logistics Centre, expectations or projections about the future, strategies and goals for growth, expected and future cash flows, costs, planned capital expenditures, regulatory change, general economic political and market conditions anticipated capital projects, construction and completion dates, operating and financial results, critical accounting estimates, the expected financial and operational consequences of future commitments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", "may have implications" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Key assumptions upon which such forward-looking information is based are listed in the "Forward-Looking Information" section of the MD&A for the period ended March 31, 2025. Many such assumptions are based on factors and events that are not within the control of Ceres and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include, among others, risks related to weather, politics and governments, changes in environmental and other laws and regulations, competitive factors in agricultural, food processing and feed sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, global and local economic conditions, the ability of Ceres to successfully implement strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Corporation's assets, the availability and price of commodities and regulatory environment, processes and decisions. Although Ceres has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results that are not anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Ceres undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Yahoo
10-05-2025
- Business
- Yahoo
Ceres Global Ag Corp. to Host Q3 Fiscal 2025 Earnings Call on May 14, 2025
MINNEAPOLIS, Minn., May 9, 2025 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres" or the "Company"), a global agricultural, energy and industrial products merchandising and supply chain company, today announced that it will report its fiscal 2025 third quarter financial results on Wednesday, May 14, 2025. Interested parties are invited to participate in the Company's Q3 2025 results conference call and webcast, which will be held on the same day at 6:00 p.m. Eastern time. Tom Coyle, Interim President and Chief Executive Officer, and Blake Amundson, Ceres' Chief Financial Officer, will co-chair the conference call. CONFERENCE CALL DETAILS: DATE: Wednesday, May 14, 2025 TIME: 6:00 p.m. (ET) DIAL IN NUMBER: 1-888-510-2154 or 1-437-900-0527 WEBCAST: To join the conference call without operator assistance, you may register and enter your phone number at to receive an instant automated callback. Investors are invited to submit questions by email to ceresir@ About Ceres Global Ag Corp. Ceres and its subsidiaries add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high‐quality agricultural commodities, value‐added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres connects farmers to customers around the world. Ceres is headquartered in Golden Valley, Minnesota, and together with its affiliated companies, operates 10 locations across Saskatchewan, Manitoba, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 29 million bushels. The Corporation also owns membership interests in three agricultural joint ventures that have an aggregate grain and oilseed storage capacity of approximately 16 million bushels. Ceres has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Berthold Farmers Elevator, LLC (a joint venture with The Berthold Farmers Elevator Company), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 41.6% interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), and a 25% interest in Stewart Southern Railway Inc. (a short‐line railway located in southeast Saskatchewan with a range of 130 kilometers). For more information about Ceres, please visit SOURCE Ceres Global Ag Corp. View original content:
