On Wednesday, Bunge reported fourth-quarter profit above estimates, as robust soy crushing margins and global demand for crops bolstered its core agribusiness.
According to reports, tight global crop supplies and strong demand have benefited supply chain middlemen including Bunge.
Net sales totaled $16.66 billion in the fourth quarter, compared with $16.68 billion a year earlier.
“Our team delivered another strong quarter, capping off an exceptional 2022 for Bunge," said Greg Heckman, CEO. "Our global platform, approach and focused execution demonstrated the adaptability of our business, allowing us to successfully navigate a dynamic market.
"Over the course of the year, we made progress on executing our strategy to strengthen and expand our core business while positioning us to benefit over the long term from the growing demand for food, feed and renewable fuel."
Looking ahead to 2023, Heckman expects the favorable market environment the company has experienced last year to continue.
"With our critical position at the center of the global agribusiness supply chain, we remain well positioned to capitalize on the upside opportunities ahead of us as we continue to help our customers at both ends of the value chain manage risk and find solutions to their essential needs.”
Highlights from Bunge's fourth quarter and full-year 2022 results:
- Full-year GAAP EPS of $10.51 versus $13.64 in the prior year; $13.91 versus $12.93 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences
- Q4 GAAP EPS of $2.21 versus $1.52 in the prior year; $3.24 vs. $3.49 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences
- Strong close to the year with full-year 2022 results exceeding last year's record performance
- Agribusiness in line with last year's strong results
- Higher Refined and Specialty Oils results reflected strength in all regions
- Market environment expected to continue to be favorable in 2023
