Bunge Reports $653 Million Net Income For Third Quarter, Up Nearly 150% From 2020

St. Louis, MO — International agribusiness and food company Bunge Limited reported net income of $653 million in its third-quarter financial report released Wednesday, Oct. 27, compared to $262 million a year ago, a surge of nearly 150%.

“We delivered a truly exceptional quarter," CEO Greg Heckman said. " Our team was nimble, insightful and proactive, effectively managing supply chains, capacity and risk.

"Our global platform has allowed us to serve our customers - both farmers and end consumers - in today's volatile environment.

"At the same time, we remain intensely focused on a disciplined and balanced approach to allocating capital to maintain our financial strength, invest in growth opportunities, and return capital to our shareholders."

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In processing, the company said higher results in North America, European softseeds and Asian and European destination value chains, which all benefited from strong vegetable oil demand, were partially offset by lower results in South America, where margins were down compared to a particularly strong prior year.

The strong refined and specialty oils sector performance in the quarter was primarily driven by higher margins and volumes in North America refining, which continued to benefit from a recovery in foodservice and increased demand from the renewable diesel sector, the company noted.

Report highlights for the quarter, which ended Sept. 30, include:

• Q3 GAAP EPS of $4.28 vs. $1.84 in the prior year; $3.72 vs. $2.47 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
• Strong performances across Bunge’s core and non-core operations
• Agribusiness results driven by strong execution and better than expected market environment
• Refined and Specialty Oils performance improved in all regions with particular strength in North America
• Announced actions to further improve business portfolio: forming renewable fuel feedstocks JV with Chevron and sale of Mexico wheat mills
• Repurchased $100 million of Bunge common shares completing existing $500 million authorization; Bunge Board authorized new $500 million program
• Increasing full-year adjusted EPS outlook to at least $11.50 based on strong Q3 results and favorable market trends.

For the first three quarters, Bunge reported $1.847 billion in net income, compared to $594 million in the first three quarters of 2020.

“Looking ahead, we expect the favorable market trends to continue," Heckman said. "We are well-positioned to help our customers across the supply chain address the challenges in meeting increasing consumer demand for sustainable food, feed and fuel.”

To read the full report, click here.

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