Photo courtesy of Bunge

Jul 28, 2022

Bunge Earnings Miss; Full-Year Profit Raised

Company posted a 15% jump in second-quarter 2022 adjusted profit on Wednesday

Bunge Ltd. posted a 15% jump in second-quarter 2022 adjusted profit on Wednesday, but its results missed expectations and its share price fell nearly 5%.

According to reports, the company raised its full-year profit forecast and discussed plans to spend about $3.3 billion on future investments and expenditures in the next few years.

About $1 billion is expected to be aimed at bolt-on M&A targets aimed at expanding the company's "core agribusiness origin and crush capabilities," Bunge Chief Financial Officer John Neppl said during an earnings call.

Bunge also attributed a $59 million net loss for the quarter from its agribusiness segment due to the Russia-Ukraine war.

"In the face of significant market shifts, our team successfully delivered another quarter of year-over-year earnings improvement in our core segments," said Greg Heckman, Bunge’s CEO.

“Our focus on continuous improvement across everything we do allows us to be agile and to consistently create value in a variety of market environments. We are confident in our ability to successfully navigate volatility and effectively deploy capital, while continuing to help our customers on both ends of the value chains find solutions to the opportunities and challenges they face.”

Earlier in the week, ADM reported a surge in profits and strong global demand for the rest of 2022.

Highlights of Bunge's Q2 2022 results:

  • Q2 GAAP EPS of $1.34 vs. $2.37 in the prior year; $2.97 vs. $2.61 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
  • In Agribusiness higher Processing results were more than offset by lower results in Merchandising versus a particularly strong prior year
  • Refined and Specialty Oils performance improved in all regions with particular strength in North America and Europe
  • Increasing full-year adjusted EPS outlook to at least $12/share
  • Introducing earnings framework of ~$11 per share by end of 2026 building on increased earnings baseline of $8.50, plus future investments and share repurchases

Read the full results.

Lisa Cleaver

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