MINNEAPOLIS, May 15, 2024 /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 periods ended March 31, 2024. All amounts are in U.S. dollars unless otherwise noted. Highlights for the quarter ended March 31, 2024 (Comparisons to the quarter ended March 31, 2023) Gross profit for the quarter was $7.8 million, the second-best third quarter in the Corporation's history, up from $5.5 million in the previous year. Income from operations was $2.8 million, increasing 720.4% from $339 thousand in the prior year. Net income for the quarter was $985 thousand, up $1.5 million compared to the previous year. On February 12, 2024, the Corporation announced an exclusive agreement with Grupo Trimex ("Trimex"), Mexico's largest flour miller, to collaboratively develop and execute regenerative agriculture initiatives for hard red spring wheat grown in Canada and the United States that is destined for Mexico. CEO Commentary "Our strong performance this quarter is the result of effective trading, capitalizing on our network of assets and partners, and improved joint venture performance," commented Calros Paz, President and CEO of Ceres. "The third quarter nearly set a record for the Corporation, and the nine-month performance is the second-best in our history, reflecting our strategic trading practices and our ability to adeptly navigate volatile markets, while enabling our customers to realize their supply chain and sustainability goals." Mr. Paz continued, "Our focus on executing against our core strategy has led to new records in our supply chain services and seed and processing segments. We have also been able to expand on our regenerative agriculture offering by collaborating with strategic partners like Trimex and Lavie Bio to provide unique regenerative agriculture and supply chain solutions to our customers." 1 Adjusted net income is a non-GAAP financial measure. Please refer to "Non-IFRS Financial Measures and Reconciliations" for more details. Summary Financial and Operational Results (in thousands of USD except per share amounts) 3-Months Ended March 31, 2024 3-Months EndedMarch 31, 2023 9-Months EndedMarch 31, 2024 9-Months EndedMarch 31, 2023 Revenue 212,319 287,912 710,519 831,051 Gross profit 7,770 5,513 29,808 17,825 Income from operations 2,781 339 15,533 (864) Net income (loss) 985 (553) 9,861 (5,408) Earnings (loss) per basicshare 0.03 (0.02) 0.32 (0.17) Adjusted net income2 991 410 10,120 1,366 Adjusted EBITDA1 4,149 2,208 19,629 4,442 1, 2. See the Non-IFRS Financial Measures and Reconciliations section Outlook  Mr. Paz added, "Persistent geopolitical conflicts in Ukraine, Gaza, and Israel continue to influence market volatility. Escalating tensions between Iran and Israel highlight the potential for further geopolitical uncertainty and heightened market volatility ...