Bunge Reports Third Quarter 2022 Results
10/26/22
- Q3 GAAP EPS of
$2.49 vs.$4.28 in the prior year;$3.45 vs.$3.72 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences - Strong Agribusiness results in line with last year
- Higher Refined and Specialty Oils results reflecting strength in most regions
- Repurchased
$200 million of Bunge common shares - Increasing full-year adjusted EPS outlook to at least
$13.50 per share
- Overview
Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our strong results this quarter demonstrate our team’s outstanding coordination and discipline as well as the flexibility of our global platform in this rapidly changing market. These strengths enabled us to better partner with our customers at both ends of the value chains to deliver innovative and sustainable solutions to consumers around the world.
"We are also enhancing our capabilities and assets to position Bunge for continued growth. We are investing in our core oilseed business as well as the growing opportunities in specialty fats and oils, renewable feedstocks and plant-based proteins. We remain confident in our business and our team’s ability to create value for the long term.”
- Financial Highlights
Three Months Ended
|
| Nine Months Ended
| |||||||||||
(US$ in millions, except per share data) | 2022 | 2021 |
| 2022 | 2021 | ||||||||
Net income attributable to Bunge | $ | 380 |
| $ | 653 |
|
| $ | 1,274 |
| $ | 1,847 |
|
Net income per common share-diluted | $ | 2.49 |
| $ | 4.28 |
|
| $ | 8.30 |
| $ | 12.12 |
|
|
|
|
|
|
| ||||||||
Mark-to-market timing difference (a) | $ | 0.19 |
| $ | 0.22 |
|
| $ | 1.04 |
| $ | (0.83 | ) |
Certain (gains) and charges (b) | $ | 0.77 |
| $ | (0.78 | ) |
| $ | 1.32 |
| $ | (1.86 | ) |
Adjusted Net income per common share-diluted (c) | $ | 3.45 |
| $ | 3.72 |
|
| $ | 10.66 |
| $ | 9.43 |
|
|
|
|
|
|
| ||||||||
Core Segment EBIT (c) (d) | $ | 628 |
| $ | 812 |
|
| $ | 1,959 |
| $ | 2,464 |
|
Mark-to-market timing difference (a) |
| 36 |
|
| 44 |
|
|
| 193 |
|
| (151 | ) |
Certain (gains) & charges (b) |
| 76 |
|
| (158 | ) |
|
| 156 |
|
| (328 | ) |
Adjusted Core Segment EBIT (c) | $ | 740 |
| $ | 698 |
|
| $ | 2,308 |
| $ | 1,985 |
|
|
|
|
|
|
| ||||||||
Corporate and Other EBIT (c) | $ | (84 | ) | $ | (81 | ) |
| $ | (238 | ) | $ | (227 | ) |
Certain (gains) & charges (b) |
| 11 |
|
| — |
|
|
| (18 | ) |
| — |
|
Adjusted Corporate and Other EBIT (c) | $ | (73 | ) | $ | (81 | ) |
| $ | (256 | ) | $ | (227 | ) |
|
|
|
|
|
| ||||||||
Non-core Segment EBIT (c) (e) | $ | 24 |
| $ | 53 |
|
| $ | 63 |
| $ | 92 |
|
Certain (gains) & charges (b) |
| — |
|
| — |
|
|
| — |
|
| — |
|
Adjusted Non-core Segment EBIT (c) |