Bunge Reports Fourth Quarter and Full-Year 2021 Results
02/09/22
- Full-year GAAP EPS of
$13.64 vs.$7.71 in the prior year;$12.93 vs.$8.30 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences - Q4 GAAP EPS of
$1.52 vs.$3.74 in the prior year;$3.49 vs.$3.05 on an adjusted basis excluding certain gains and charges and mark-to-market timing differences - Outstanding Q4 and full year performance across Bunge’s operations
- Agribusiness results driven by strong execution throughout the value chains
- Refined and Specialty Oils posted record Q4 and full year results
- Expect favorable market environment to continue in 2022
Overview
Greg Heckman, Bunge's Chief Executive Officer, commented, “Our strong 2021 performance reflects our talented team and the power of our global platform, demonstrating the impact of the improvements we have made over the last three years. With focus and discipline, we capitalized on changing market conditions, achieved a number of operational milestones, made investments in key growth areas and advanced toward ESG goals.
“Looking forward, we are confident in our ability to capture the opportunities ahead of us, while continuously improving and growing our business to maximize the expanding potential of Bunge.”
Financial Highlights
Quarter Ended December 31, |
| Year Ended December 31, | |||||||||||
(US$ in millions, except per share data) | 2021 | 2020 |
| 2021 | 2020 | ||||||||
Net income attributable to Bunge | $ | 231 |
| $ | 551 |
|
| $ | 2,078 |
|
| 1,145 |
|
Net income per common share-diluted | $ | 1.52 |
| $ | 3.74 |
|
| $ | 13.64 |
| $ | 7.71 |
|
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|
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Mark-to-market timing differences (a) | $ | 0.90 |
| $ | (0.05 | ) |
| $ | 0.08 |
| $ | 0.92 |
|
Certain (gains) and charges (b) | $ | 1.07 |
| $ | (0.59 | ) |
| $ | (0.79 | ) | $ | (0.27 | ) |
Adjustment of redeemable noncontrolling interest (c) | $ | — |
| $ | (0.05 | ) |
| $ | — |
| $ | (0.06 | ) |
Adjusted Net income per common share-diluted (d) | $ | 3.49 |
| $ | 3.05 |
|
| $ | 12.93 |
| $ | 8.30 |
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Core Segment EBIT (d) (e) | $ | 418 |
| $ | 779 |
|
| $ | 2,882 |
| $ | 2,091 |
|
Mark-to-market timing differences (a) |
| 143 |
|
| 4 |
|
|
| (8 | ) |
| 190 |
|
Certain (gains) & charges (b) |
| 205 |
|
| (147 | ) |
|
| (123 | ) |
| (147 | ) |
Adjusted Core Segment EBIT (d) | $ | 766 |
| $ | 636 |
|
| $ | 2,751 |
| $ | 2,134 |
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Corporate and Other EBIT (d) | $ | (106 | ) | $ | (92 | ) |
| $ | (333 | ) | $ | (371 | ) |
Certain (gains) & charges (b) |
| — |
|
| 12 |
|
|
| — |
|
| 83 |
|
Adjusted Corporate and Other EBIT (d) | $ | (106 | ) | $ | (80 | ) |
| $ | (333 | ) | $ | (288 | ) |
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Non-core Segment EBIT (d) (f) | $ | 20 |
| $ | 27 |
|
| $ | 112 |
| $ | (87 | ) |
Certain (gains) & charges (b) |
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