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Bunge Raises Profit Outlook in Q1

Strong crop export demand and firm oilseed crushing margins bolster core agribusiness segment

Photo courtesy of Bunge
Photo courtesy of Bunge

On Tuesday, Bunge Ltd. reported that its adjusted income rose more than three-fold in the first quarter from a year earlier as strong crop export demand and firm oilseed crushing margins bolstered its core agribusiness segment.

"Our outstanding results in the first quarter reflect the fundamental strength of Bunge's platform and the benefits our integrated global approach bring to farmers and end customers," says Greg Heckman, Bunge CEO. "Working together across value chains, our teams are capturing opportunities while effectively adapting to dynamic market environments.

"We remain focused on the safety of our employees and communities in the face of the ongoing pandemic, and we continue to serve changing consumer and business needs in the markets in which we operate. We are optimistic that the favorable demand environment in the first quarter will continue through 2021, and we are confident we have the right team and model in place to maintain our positive momentum.”

Highlights of the report include:

  • Q1 GAAP EPS of $5.52 vs. $(1.46) in the prior year; $3.13 vs. $0.91 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
  • Outstanding agribusiness execution capturing opportunities throughout the global value chains
  • Excellent results in refined and specialty oils benefiting from improved demand and continued focus on customers and innovation
  • Increasing full-year adjusted EPS outlook to ~$7.50 based on strong Q1 results and positive market trends
  • Increasing quarterly common dividend by 5% to $0.525 per share

Read the full report here.