Bunge Raises Outlook on Soybean, Softsead Outperformance

Dow Jones07-29

Bunge Global raised its earnings outlook after strong performance in its soybean and softseed businesses drove second-quarter sales up nearly 90%.

The agriculture company, which helps farmers with processing and management, on Wednesday posted a profit of $678 million, or $3.47 a share, compared with $354 million, or $2.61 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $2, ahead of the $1.97 anticipated by analysts, according to FactSet.

Revenue jumped 88% to $24.04 billion. Analysts surveyed by FactSet forecast revenue of $22.81 billion.

Bunge is dealing with a backdrop of geopolitical uncertainty and shifting trade flows, but has managed to keep delivering to customers looking for both premium and cheaper options, Chief Executive Greg Heckman said.

Soybean and softseed processing and refining both had a jump in sales, thanks to better markets in both North and South America. Bunge now expects better full-year performance for both its soybean and softseed businesses.

It raised its annual outlook for adjusted earnings per share to a range of $9.25 to $9.75, up from $9 to $9.50.

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