Bunge Reports First Quarter 2022 Results
04/27/22
- Q1 GAAP EPS of
$4.48 vs.$5.52 in the prior year;$4.26 vs.$3.13 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences - Agribusiness continues to adapt to dynamic, rapidly changing market conditions while connecting farmers to global consumers
- Refined and Specialty Oils benefiting from favorable demand trends, as well as supply chain and innovation capabilities
- Increasing full-year adjusted EPS outlook to at least
$11.50 based on stronger than expected Q1 results and current forward crush curves
- Overview
Greg Heckman, Bunge's Chief Executive Officer, commented, “I am very proud of our team’s continued agility and dedication to ensuring key food, feed and fuel products are getting from farmers to consumers as we navigate this unprecedented global market, further intensified by the war in
"From a business standpoint, the changes we’ve made to our operating model have enabled us to provide innovative solutions to our customers on both ends of the supply chain and help them respond to the highly dynamic and challenging environment. While we expect market conditions to continue shifting, I am confident we have the right team and platform in place to execute our critical role in the global agriculture and food supply chains.”
- Financial Highlights
| Three Months Ended March 31, | |||||
(US$ in millions, except per share data) | 2022 | 2021 | ||||
Net income attributable to Bunge | $ | 688 |
| $ | 831 |
|
Net income per common share-diluted | $ | 4.48 |
| $ | 5.52 |
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Mark-to-market timing difference (a) | $ | (0.40 | ) | $ | (1.30 | ) |
Certain (gains) and charges (b) | $ | 0.18 |
| $ | (1.09 | ) |
Adjusted Net income per common share-diluted (c) | $ | 4.26 |
| $ | 3.13 |
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Core Segment EBIT (c) (d) | $ | 922 |
| $ | 1,152 |
|
Mark-to-market timing difference (a) |
| (76 | ) |
| (245 | ) |
Certain (gains) & charges (b) |
| 12 |
|
| (170 | ) |
Adjusted Core Segment EBIT (c) | $ | 858 |
| $ | 737 |
|
|
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Corporate and Other EBIT (c) | $ | (63 | ) | $ | (86 | ) |
Certain (gains) & charges (b) |
| (29 | ) |
| — |
|
Adjusted Corporate and Other EBIT (c) | $ | (92 | ) | $ | (86 | ) |
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Non-core Segment EBIT (c) (e) | $ | 34 |
| $ | 20 |
|
Certain (gains) & charges (b) |
| — |
|
| — |
|
Adjusted Non-core Segment EBIT (c) | $ | 34 |
| $ | 20 |
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Total Segment EBIT (c) | $ | 893 |
| $ | 1,086 |
|
Mark-to-market timing difference (a) |
| (76 | ) | $ | (245 | ) |
Total Certain (gains) & charges (b) |
| (17 | ) | $ | (170 | ) |
Adjusted Total Segment EBIT (c) | $ | 800 |
| $ | 671 |
|
(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) | 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 |
(d) | 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. |
(e) | 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
| Three Months Ended | |||||
(US$ in millions, except per share data) | Mar 31, 2022 | Mar 31, 2021 | ||||
Volumes (in thousand metric tons) |
| 20,070 |
|
| 21,644 |
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Net Sales | $ | 11,231 |
| $ | 9,791 |
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Gross Profit | $ | 864 |
| $ | 886 |
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Selling, general and administrative expense | $ | (121 | ) | $ | (80 | ) |
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Foreign exchange gains (losses) | $ | 9 |
| $ | ||