Bunge Reports First Quarter 2021 Results
05/04/21
- Q1 GAAP EPS of
$5.52 vs.$(1.46) in the prior year;$3.13 vs.$0.91 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences - Outstanding Agribusiness execution capturing opportunities throughout the global value chains
- Excellent results in Refined and Specialty Oils benefiting from improved demand and our continued focus on customers and innovation
- Increasing full-year adjusted EPS outlook to
~$7.50 based on strong Q1 results and positive market trends - Increasing quarterly common dividend by 5% to
$0.525 per share
- Overview
Greg Heckman, Bunge's Chief Executive Officer, commented, "Our outstanding results in the first quarter reflect the fundamental strength of Bunge's platform and the benefits our integrated global approach bring to farmers and end customers. Working together across value chains, our teams are capturing opportunities while effectively adapting to dynamic market environments. We remain focused on the safety of our employees and communities in the face of the ongoing pandemic, and we continue to serve changing consumer and business needs in the markets in which we operate. We are optimistic that the favorable demand environment in the first quarter will continue through 2021, and we are confident we have the right team and model in place to maintain our positive momentum."
- Financial Highlights
|
Quarter Ended March 31, |
|||||||
|
(US$ in millions, except per share data) |
2021 |
2020 |
|||||
|
Net income attributable to Bunge |
$ |
831 |
|
$ |
(184 |
) |
|
|
|
|
|
|||||
|
Net income per common share-diluted |
$ |
5.52 |
|
$ |
(1.46 |
) |
|
|
|
|
|
|||||
|
Mark-to-market timing difference (a) |
$ |
(1.30 |
) |
$ |
2.25 |
|
|
|
Certain (gains) and charges (b) |
$ |
(1.09 |
) |
$ |
0.02 |
|
|
|
Adjustment of redeemable noncontrolling interest (c) |
$ |
— |
|
$ |
0.10 |
|
|
|
Adjusted Net income per common share-diluted (d) |
$ |
3.13 |
|
$ |
0.91 |
|
|
|
|
|
|
|||||
|
Core Segment EBIT (d) (e) |
$ |
1,152 |
|
$ |
(56 |
) |
|
|
Mark-to-market timing difference (a) |
(245 |
) |
410 |
|
|||
|
Certain (gains) & charges (b) |
(170 |
) |
— |
|
|||
|
Adjusted Core Segment EBIT (d) |
$ |
737 |
|
$ |
354 |
|
|
|
|
|
|
|||||
|
Corporate and Other EBIT (d) |
$ |
(86 |
) |
$ |
(64 |
) |
|
|
Certain (gains) & charges (b) |
— |
|
5 |
|
|||
|
Adjusted Corporate and Other EBIT (d) |
$ |
(86 |
) |
$ |
(59 |
) |
|
|
|
|
|
|||||
|
Non-core Segment EBIT (d) (f) |
$ |
20 |
|
$ |
(50 |
) |
|
|
Certain (gains) & charges (b) |
— |
|
— |
|
|||
|
Adjusted Non-core Segment EBIT (d) |
$ |
20 |
|
$ |
(50 |
) |
|
|
|
|
|
|||||
|
Total Segment EBIT (d) |
$ |
1,086 |
|
$ |
(170 |
) |
|
|
Mark-to-market timing difference (a) |
(245 |
) |
$ |
410 |
|
||
|
Total Certain (gains) & charges (b) |
(170 |
) |
$ |
5 |
|
||
|
Adjusted Total Segment EBIT (d) |
$ |
671 |
|
$ |
245 |
|
|
|
|
|
|
|||||
|
(a) |
Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories, and related hedges associated with committed future operating capacity. See note 3 in the Additional Financial information section of this release for details. |
|
(b) |
Certain (gains) & charges included in Total Segment EBIT. See Additional Financial Information for details. |
|
(c) |
Retained earnings impact associated with an adjustment to the carrying amount of the redeemable noncontrolling interest recorded in respect of our 70% ownership interest in Loders. See note 4 in the Additional Financial information section of this release for details. |
|
(d) |
Core Segment EBIT, Adjusted Core Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Non-core Segment EBIT, Adjusted Non-core Segment EBIT, Total Segment EBIT, Adjusted Total Segment EBIT, and Adjusted Net income per common share-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable |
|
(e) |
Core Segment earnings before interest and tax ("Core Segment EBIT") comprises the aggregate earnings before interest and tax (“EBIT”) of Bunge’s Agribusiness, Refined and Specialty Oils and Milling reportable segments, and excludes Bunge's Sugar & Bioenergy reportable segment and Corporate and Other activities. |
|
(f) |
Non-core Segment EBIT comprises Bunge’s Sugar & Bioenergy reportable segment EBIT, which reflects Bunge's share of the results of its 50/50 joint venture with BP p.l.c. |
- First Quarter Results
| Core Segments | |||||||
|
Agribusiness |
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|
|
Quarter Ended |
||||||
|
(US$ in millions, except per share data) |
Mar 31, 2021 |
Mar 31, 2020 |
|||||
|
Volumes (in thousand metric tons) |
36,356 |
|
32,681 |
|
|||
|
|
|
|
|||||
|
Net Sales |
$ |
9,791 |
|
$ |
6,382 |
|
|
|
|
|
|
|||||
|
Gross Profit |
$ |
886 |
|
$ |
(3 |
) |
|
|
|
|
|
|||||
|
Selling, general and administrative expense |
$ |
(80 |
) |
$ |
(109 |
) |
|
|
|
|
|
|||||
|
Foreign exchange gains (losses) |
$ |
(8 |
) |
$ |
(12 |
) |
|
|
|
|
|
|||||
|
EBIT attributable to noncontrolling interests |
$ |
(8 |
) |
$ |
2 |
|
|
|
|
|
|
|||||
|
Other income (expense) - net |
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