Bunge Q4 Bottom-Line Beats Expectations; Predicts Favorable Market Environment In 2023

  • Bunge Ltd BG reported a fourth-quarter FY22 sales decline of 0.1% year-on-year to $16.66 billion, missing the consensus of $18.22 billion.
  • Net sales from the Agribusiness segment declined 2.8% to $11.98 billion, and Refined & Specialty Oils jumped 9.8% to $4.1 billion.
  • Adjusted EPS of $3.24 beat the analyst consensus of $3.22.
  • Gross profit increased 18.7% Y/Y to $818 million. Adjusted total segment EBIT amounted to $740 million, an 8.8% increase Y/Y.
  • The company held $1.1 billion in cash and equivalents as of Dec. 31, 2022.
  • "Looking ahead to 2023, we expect the favorable market environment we experienced last year to continue," said CEO Greg Heckman.
  • Outlook: Bunge sees FY23 adjusted EPS of $11.00, against the consensus of $12.18.
  • Bunge expects to incur capital expenditures of $800 million - $1 billion.
  • In Agribusiness, the company forecasts full-year results to be down from last year as slightly higher results in Processing are more than offset by lower results in Merchandising. 
  • Price Action: BG shares are trading higher by 1.47% at $100.41 on the last check Wednesday.
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