Bunge Surpasses Third Quarter Earnings Expectations, Lowers Year-End Forecasts

NEW YORK - Bunge Global SA (NYSE:BG) reported that its third-quarter earnings exceeded analyst expectations, but lowered its year-end forecasts due to a challenging global margin environment. The agricultural trader announced a adjusted earnings per share of $2.29 for the quarter, surpassing the $2.14 analyst estimate. However, revenue of $12.91 billion fell short of predictions of $13.34 billion, representing a 13.8% decrease compared to the same quarter last year.

Bunge now expects adjusted earnings per share to be at least $9.25 for the full year of 2024, below its previous estimate and the $9.43 analyst projection. The company cited the current margin environment, futures curves, and revenue loss from the sale of its sugar and bioenergy joint venture as factors affecting the revised forecast.

CEO Greg Heckman stated, "Our team delivered a strong performance in the third quarter, seizing opportunities against changing market dynamics around the world by being agile and leveraging our global platform."

The company reported strong performances in its Agriculture Operations and Refined and Specialty Oils segments, but results showed a decline compared to last year. Bunge continued to advance integration planning for the announced merger with Viterra and made progress on remaining regulatory approvals.

During the quarter, Bunge executed a $200 million share buyback, bringing the total repurchases to $600 million year-to-date. The company also completed the sale of its sugar and bioenergy joint venture on October 1, 2024.