Bunge has reported first quarter 2023 results showing that, while its Agribusiness segment performed well, results were down from last year's particularly strong performance.
“Bunge is investing in innovation and resources to support both farmers and end customers," said Greg Heckman, CEO. "During the first quarter, we announced targeted but important actions to further improve our business capabilities, including entering collaborations to develop next generation seeds to meet the growing need for more sustainable crops, launching regenerative agriculture programs and acquiring a state-of-the art vegetable oil refinery in the U.S."
- Q1 GAAP diluted EPS of $4.15 vs. $4.48 in the prior year; $3.26 vs. $4.26 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
- Agribusiness performed well, though results were down from last year's particularly strong performance
- Refined and Specialty Oils results were higher in all regions reflecting favorable demand trends and effective management of supply chains
- Net sales from the Agribusiness segment declined 3.4% to $10.85 billion; Refined & Specialty Oils fell 2.2% to $3.89 billion
- Announced targeted actions to further improve footprint, enhance business capabilities and drive growth
- Continue to expect full-year 2023 adjusted EPS of at least $11 per share
- Gross profit decreased 1.9% Y/Y to $1.18 billion, margin up 12 bps to 7.70%
