Bunge Global releases third-quarter 2024 results

Bunge Global SA reported its third-quarter 2024 results. Profits fell year-over-year. GAAP earnings per share fell to $1,56, compared to $2,47 in the same period in 2023. Adjusted earnings per share were $2,29, compared to $2,99 ​​a year ago. The company also announced the repurchase of $200 million in shares during the quarter, bringing its year-to-date earnings to $600 million.

The company highlighted solid performances in its agribusiness and refined and specialty oils segments, despite pressure on global margins. Progress was made on the integration of Viterra and the sale of its bioenergy joint venture with BP, which was completed on October 1, 2024. Full-year adjusted earnings guidance was lowered to at least $9,25 per share.

The main operating segments presented mixed results.

In agribusiness, adjusted EBIT was US$366 million, down from US$472 million a year earlier. Stronger soybean performance in South America and Europe was offset by weaker results in North America and Asia.

In refined and specialty oils, adjusted EBIT fell from $230 million to $182 million, reflecting weaker performance in the Americas.

In the milling segment, adjusted EBIT was US$ 13 million, below the US$ 33 million recorded in 2023, impacted by high raw material costs in South America.

In the bioenergy and sugar segment, which is not considered "core" by the company, adjusted EBIT also fell significantly, from US$ 55 million to US$ 6 million, reflecting higher operating costs and falling ethanol prices. The sale of the stake in BP Bunge Bioenergia also contributed to the reduction in results in this segment.