On Wednesday, Bunge raised its full-year earnings outlook with its second-quarter results.
According to reports, the company's profit tripled in the second quarter on improved margins for business. Bunge posted a profit of $622 million, or $4.09 a share, up from $206 million, or $1.34 a share, a year earlier.
The report comes as Bunge is working to close an $18 billion deal to merge with Viterra that would create a $34 billion global agribusiness with annual earnings projected at $4 billion.
“We look forward to our announced combination with Viterra, which will accelerate our strategy to bring us even closer to farmers with expanded direct origination, while also broadening our global processing and distribution network to better serve our consuming customers," said Greg Heckman, CEO, in a statement.
"We continue to execute on our strategic priorities, with a focus on driving further adoption of sustainable practices in global food, feed and fuel production including low-carbon product streams, regenerative agriculture, and end-to-end traceability across major crops."
Heckman said the company delivered strong results as it navigated a "highly dynamic quarter." In its first-quarter results, Bunge's earnings feel short after 2022's strong year due to fluctuations in global supplies and unfavorable consumer behavior.
"Through agility and discipline, we captured opportunities while continuing to serve our customers at both ends of the value chain," said Heckman. "Our team remained flexible, leveraging our global footprint and connectivity to optimize margins and utilization as market conditions evolved over the quarter."
- Agribusiness results driven by strong execution throughout the value chains
- Strong Refined and Specialty Oils performance in line with last year
- Accelerated strategy with agreement to combine with Viterra
- Increasing full-year adjusted EPS outlook to at least $11.75 per share
