Bunge Reports First Quarter 2023 Results

Bunge Limited (NYSE: BG) today reported first quarter 2023 results.

• Q1 GAAP diluted EPS of $4.15 vs. $4.48 in the prior year; $3.26 vs. $4.26 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
• Agribusiness performed well, though results were down from last year’s particularly strong performance
• Refined and Specialty Oils results were higher in all regions reflecting favorable demand trends and effective management of supply chains
• Announced targeted actions to further improve footprint, enhance business capabilities and drive growth
• Continue to expect full-year 2023 adjusted EPS of at least $11 per share

Overview

Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our team delivered a strong first quarter through focused execution in a highly dynamic environment. Our operating approach  enabled us to continue helping our customers at both ends of the value chain to navigate critical challenges amidst fluctuations in global supplies and consumer behavior.  

“Bunge is investing in innovation and resources to support both farmers and end customers. During the first quarter, we announced targeted but important actions to further improve our business capabilities, including entering collaborations to develop next generation seeds to meet the growing need for more sustainable crops, launching regenerative agriculture programs and acquiring a state-of-the art vegetable oil refinery in the U.S. We remain excited by the range of growth opportunities ahead of us and our ability to provide solutions for all our stakeholders.”

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