Bunge Raises 2021 Profit Outlook

Bunge Ltd. has reported its third quarter 2021 results.

• Q3 GAAP EPS of $4.28 vs. $1.84 in the prior year; $3.72 vs. $2.47 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
• Strong performances across Bunge’s core and non-core operations
• Agribusiness results driven by strong execution and better-than-expected market environment
• Refined and Specialty Oils performance improved in all regions with particular strength in North America
• Announced actions to further improve business portfolio: forming renewable fuel feedstocks JV with Chevron and sale of Mexico wheat mills
• Repurchased $100 million of Bunge common shares completing existing $500 million authorization; Bunge Board authorized new $500 million program
• Increasing full-year adjusted EPS outlook to at least $11.50 based on strong Q3 results and favorable market trends

“We delivered a truly exceptional quarter," says Greg Heckman, Bunge's CEO. "Our team was nimble, insightful and proactive, effectively managing supply chains, capacity and risk.

"Our global platform has allowed us to serve our customers -- both farmers and end consumers -- in today's volatile environment," he continues. "At the same time, we remain intensely focused on a disciplined and balanced approach to allocating capital to maintain our financial strength, invest in growth opportunities, and return capital to our shareholders."

Heckman says as the company looks ahead, he expects the favorable market trends to continue.

"We are well-positioned to help our customers across the supply chain address the challenges in meeting increasing consumer demand for sustainable food, feed and fuel.”

Read the full report here.