Bunge’s share of pre-conference trading is up 1%, as the agro-trading company reported adjusted earnings and sales that were much higher than expected, while boosting outlook for the year as a whole.
Net income fell to $ 688 million, or $ 4.48 a share, from $ 831 million, or $ 5.52 a year, a year ago.
Excluding extraordinary items, adjusted earnings per share rose to $ 4.26 from $ 3.13, compared to estimates for $ 2.94.
Sales rose 22.5 percent to $ 15.88 billion, higher than estimates for $ 14.63 billion.
The cost of sales increased 24.2% to $ 14.68 billion, as gross profit as a percentage of sales decreased to 7.6% from 8.8%.
For 2022, the company expects earnings per share of at least $ 11.5 from at least $ 9.5.
Source: Capital
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