Bunge Swings To Q1 Profits; Slips In Meeting Forecasts; Lowers Guidance
Agrichemicals group Bunge (NYSE: BG) swung to profits in the first quarter but cut its 2010 outlook on expectations of lower oilseed processing margins and a fall in retail fertilizer sales.
Bunge earned $63 million, or $0.31 a share, after losing $195 million in the prior-year period. Excluding impairment and acquisition charges, Bunge earned $0.45 per share, falling significantly below analyst expectations of $0.75. BG’s revenues for the quarter rose 12% to $10.35 billion.
Bunge said that the performance of its agribusiness was healthy. However, its results suffered as lower volumes and margins pulled down the fertilizer segment, where results were weaker than anticipated.
BG now expects annual earnings of $5.30-$5.80 a share, down from $5.75 to $6.25, as compared to the Street view of $0.74 a share for quarterly earnings and annual earnings of $5.49.
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