- Bunge Ltd (NYSE: BG) reported second-quarter FY22 sales growth of 16.5% year-on-year, to $17.93 billion, beating the consensus of $16.81 billion.
- Net sales from the Agribusiness segment improved 9.4% to $12.7 billion, and Refined & Specialty Oils jumped 39% to $4.4 billion.
- Gross profit increased 16.1% Y/Y to $772 million. Adjusted total segment EBIT amounted to $623 million, a 22.4% Y/Y increase.
- The company held $823 million in cash and equivalents as of June 30, 2022.
- Adjusted EPS for the quarter was $2.97 versus $2.61 last year.
- Outlook: Bunge increased its FY22 EPS outlook to reflect Q2 results and the current market environment. It expects FY22 adjusted EPS to be at least $12 (prior view at least $11.50).
- The company also introduced an earnings framework of approximately $11 per share by the end of 2026, building on an increased earnings baseline of $8.50, plus future investments and share repurchases.
- Price Action: BG shares are trading lower by 4.91% at $90.65 on the last check Wednesday.
Read at Benzinga