Bunge nearly doubled its third-quarter net income to $318 million on stronger soybean and softseed processing, and its Bunge Chevron Ag Renewables joint venture began production on a new oilseed processing line in Destrehan, Louisiana, after the quarter ended.
Diluted earnings per share from continuing operations rose to $1.64 from 86 cents a year earlier, according to Bunge's third-quarter release, issued Thursday. Adjusted earnings per share, which exclude certain gains, charges and mark-to-market timing differences, rose to $2.56 from $2.27. Adjusted total earnings before interest and taxes rose to $846 million from $757 million.
Crush carried the quarter. Soybean Processing and Refining segment earnings before interest and taxes rose to $547 million from $337 million, with North America the largest contributor on stronger processing, partly offset by lower refining. Softseed Processing and Refining rose to $353 million from $236 million, with processing volumes higher in every region on more favorable margins.
Grain Merchandising and Milling swung to a $74 million loss from $21 million in earnings. On an adjusted basis, the segment earned $87 million, down from $120 million, as higher grain merchandising and commercial services results were more than offset by weaker ocean freight, sugar and wheat milling. Tropical Oils and Specialty Ingredients fell to $13 million from $77 million on trade disruptions and startup costs.
Greg Heckman, Bunge's chief executive officer, pointed to a difficult operating backdrop.
"In a complex environment – marked by geopolitical uncertainty, shifting trade flows and evolving government policy – our global platform positioned us to execute on opportunities while effectively managing risk," Heckman said.
Bunge also said it continued to advance synergies from its combination with Viterra, though the release did not quantify them. It did not give capacity figures for the new Destrehan line.
The company kept its full-year 2026 adjusted earnings outlook at $9.25 to $9.75 per share. Compared with its previous outlook, Bunge now expects slightly lower soybean processing results, higher grain merchandising and milling results and lower tropical oils results. Capital spending is expected at the higher end of its $1.5 billion to $1.7 billion range.
