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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