Grain Trader Bunge Beats Third-Quarter Profit Estimates

Reuters2023-10-26

Bunge beat Wall Street expectations for third-quarter profit on Thursday, as the grain trader and processor benefited from strong global export demand.

Earnings from its refined & specialty oils segment, its second largest by revenue and volume, were up 18% at $230 million in the quarter.

The higher results in the refined & specialty oils segment were primarily driven by North America, with Asia also contributing to the improved performance.

The company posted an adjusted profit of $2.99 per share for the three months ended Sept. 30, compared with analysts' average estimate of $2.50 per share, according to LSEG data.

Bunge and its peers make money by processing, trading, and shipping crops around the world. The supply chain intermediaries tend to thrive when crises like droughts or war trigger shortages.

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