Bunge beats quarterly profit estimates on processing recovery

By Thomson Reuters Apr 24, 2024 | 5:18 AM

(Reuters) – Bunge beat Wall Street expectations for first-quarter profit on Wednesday as the grain trader and processor benefited from a recovery in processing margins and strong export volumes.

U.S. exports of grains remained strong, benefiting the export business of Bunge, which, along with its peers, makes money by processing, trading, and shipping crops around the world.

The company said its adjusted processing earnings before interest and tax rose to $411 million, compared with $404 million last year.

The company said its processing earnings were driven by Europe and Asia offsetting weaker results in North and South America.

The company posted an adjusted profit of $3.04 per share for the three months ended March 31, compared with analysts’ estimates of $2.53 per share, according to LSEG data.

(Reporting by Sourasis Bose in Bengaluru; Editing by Shounak Dasgupta and Tasim Zahid)