Bunge 1Q Earnings Drop on Lower Sales

Dow Jones04-24

By Dean Seal

Bunge logged lower earnings in the first quarter as sales in its agribusiness and refined and specialty oils units declined.

The St. Louis-based agricultural supply and transportation company posted a profit of $244 million, or $1.68 a share, compared with $632 million, or $4.15 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $3.04 a share. Analysts surveyed by FactSet had been expecting $2.53 a share.

Quarterly revenue fell to $13.42 billion from $15.33 billion last year, missing analyst projections of $13.96 billion, according to FactSet.

Sales in both its agribusiness segment and its refined and specialty oils business fell despite an increase in volumes.

The company said higher processing results in the agribusiness unit were more than offset by lower results in merchandising, while the refined and specialty oils segment's results were down from a particularly strong year-ago quarter.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 24, 2024 06:28 ET (10:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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