Bunge Global SA today released second quarter 2024 results. The company reported GAAP diluted earnings per share (EPS) of US$0,48, compared to US$4,09 a year ago. On an adjusted basis, excluding certain gains and charges and mark-to-market timing differences, EPS was $1,73 versus $3,72 a year ago.
The lower results in the agribusiness sector reflect a more balanced global supply environment. Refined and specialty oils performed well, but the results were lower compared to last year. The company updated its full-year adjusted EPS outlook, estimating approximately $9,25.
Greg Heckman, CEO of Bunge, said the team delivered solid results in the second quarter while advancing several strategic priorities, including the announcement of the sale of the stake in the BP Bunge Bioenergia joint venture. Viterra's integration planning process is progressing well, and the team is excited about the opportunities the combination will create for employees, customers and other stakeholders.
Heckman commented on current market conditions, highlighting improvements in some regions. He emphasized that long-term demand drivers remain strong and that the company is well positioned to connect farmers with consumers and provide essential food, feed and fuel to the world.
Considering the first half results and the current environment of margins and future curves, Bunge expects an adjusted EPS for the year of approximately US$9,25. In the agribusiness sector, annual results should be in line with the previous forecast, reflecting higher results in "processing", offset by lower results in "commercialization". Results are expected to be lower than last year.
In the refined and specialty oils sector, annual results are expected to exceed the previous forecast due to better than expected performance in the second quarter, but still below last year's record performance. In the milling sector, annual results should be similar to the previous forecast and higher than last year. In "corporate and other", annual results are expected to be similar to the previous forecast.
In the "non-core" sector, annual results in the sugar and bioenergy joint venture are expected to be slightly lower than the previous forecast and significantly lower than last year.
Additionally, the company expects for 2024 an annual adjusted effective tax rate of 22% to 25%, net interest expense in the range of $280 to $310 million, capital expenditures in the range of $1,2 to US$1,4 billion, and depreciation and amortization of approximately US$450 million.
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