Bunge has net income of US$ 688 million in the first quarter

The North American company Bunge posted net income of US$ 688 million (US$ 4.48 per share) in the first quarter of this year, the company said on Wednesday (27). The result represents a reduction of 17.2% compared to net income for the same period last year, of US$ 831 million (US$ 5.52 per share).

On an adjusted basis, net income was $4.26 per share, compared with adjusted net income of $3.13 per share in the same range in 2021. Analysts polled by FactSet predicted earnings per share of $2.94. .

In the period, revenue increased 22.5%, from US$ 12.96 billion to US$ 15.88 billion. Analysts had expected revenue of $14.63 billion. The agribusiness segment was responsible for the amount of US$ 11.23 billion in net sales in the first quarter of this year, up 14.7%, compared to revenues of US$ 9.79 billion reported in the same period in 2021.

Sales of the Specialty and Refined Oils Division rose 45.4%, from $2.73 billion in the first quarter of 2021 to $3.97 billion in the first quarter of the year. The Sugar and Energy Division reported sales of US$ 64 million, up 18.5% from the US$ 54 million reported in the same period of the previous year.

Bunge attributed the quarterly result to revenue growth in the company’s core business segments during the first quarter of the year. The highest net sales were recorded in the agribusiness, milling and refined and special oils segments.

As for the lockdowns related to the covid-19 pandemic, Bunge said that it continues to closely monitor developments related to the advancement of the virus.

While most facilities were able to return to normal or near-normal operations, “the company’s internal task force is prepared to reinstate security measures and protocols should infection rates increase,” the company said in a statement.