Bunge reports Q3 earnings beat, lowers full-year outlook

NEW YORK - Bunge Global SA (NYSE:BG ) reported third-quarter earnings that surpassed analyst expectations, but lowered its full-year guidance amid a challenging global margin environment.

The agricultural commodities trader posted adjusted earnings per share of $2.29 for the quarter, exceeding the analyst consensus of $2.14. However, revenue came in at $12.91 billion, falling short of the $13.34 billion estimate. Compared to the same quarter last year, revenue decreased by 13.8%.

Bunge now expects full-year 2024 adjusted EPS to be at least $9.25, down from its previous outlook and below the analyst consensus of $9.43. The company cited the current margin environment, forward curves, and the loss of income due to the sale of its sugar & bioenergy joint venture as factors impacting the revised guidance.

CEO Greg Heckman commented, "Our team delivered a strong third quarter, staying nimble and leveraging our global platform to capture opportunities against shifting market dynamics around the world."

The company reported solid performances in its Agribusiness and Refined and Specialty Oils segments, although results were down from the prior year. Bunge continued to advance integration planning for its announced combination with Viterra and made progress toward remaining regulatory approvals.

During the quarter, Bunge repurchased $200 million of common shares, bringing the YTD total to $600 million. The company also closed the sale of its sugar & bioenergy joint venture on October 1, 2024.

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Source: Investing.com