In this file:

 

·         Bunge raises outlook as robust agribusiness powers profit beat

·         Media Release: Bunge Reports Second Quarter 2020 Results

 

 

Bunge raises outlook as robust agribusiness powers profit beat

 

By Karl Plume and Shradha Singh, Reuters

July 29, 2020 

 

July 29 (Reuters) - Agricultural commodities trader Bunge Ltd on Wednesday raised its full-year outlook after its second-quarter profit handily beat Wall Street estimates, sending shares up more than 5% in premarket trading.

 

Despite a worsening coronavirus pandemic that has rattled global markets, strong soy processing margins in South America, Europe and Asia and accelerated crop sales by farmers in Brazil and the United States helped lift earnings.

 

“These results would be strong in any environment, let alone a pandemic,” Chief Executive Greg Heckman said in a statement.

 

Bunge’s strong second quarter, following a surprise loss in the first, highlighted the disruption the agribusiness industry has faced during the pandemic.

 

Shuttered restaurants and food service companies, both major customers for Bunge’s cooking oils, have shifted demand to more at-home dining, while travel restrictions hammered biofuel production margins.

 

Bunge said its facilities worldwide continue to operate at or near-normal levels despite the pandemic. Operations at an Argentine port facility were suspended this week after a worker tested positive for COVID-19, prompting Bunge to shift soybean deliveries to its other locations.

 

Operating earnings in Bunge’s agribusiness segment...

 

more

https://in.reuters.com/article/bunge-results/update-2-bunge-raises-outlook-as-robust-agribusiness-powers-profit-beat-idINL3N2F02WY

 

 

Bunge Reports Second Quarter 2020 Results

 

Source: Bunge

via PR Newswire/Yahoo Finance - July 29, 2020

 

ST. LOUIS , July 29, 2020 /PRNewswire/ --  Bunge Limited (NYSE: BG) today reported second quarter 2020 results.

 

·         Q2 GAAP EPS of $3.47 vs. $1.43 in the prior year; $3.88 vs. $1.52 on an adjusted basis

·         Core Agribusiness and Food & Ingredients businesses generated strong results

·         Agribusiness earnings improved on excellent execution; results also benefited from ~$380 million of timing differences related to expected Q1 reversals and new mark-to-market gains

·         Edible Oils performed better than expected

·         Increasing full-year earnings outlook to reflect better than expected Q2

 

Overview

 

Greg Heckman , Bunge's Chief Executive Officer, commented, "Bunge had an outstanding second quarter, with strong performance across all of our core businesses while maintaining a sharp focus on the safety of our team.  Our execution against committed crush capacity and coordination of trade flows was exceptional.  We realized the benefit from our risk management decisions in the first half of this year and earned new business with our focus on innovation and our collaborative approach with customers.  We generated strong cash flow while being disciplined in our approach to capital allocation, and continued to execute on our key priorities. These results would be strong in any environment, let alone a pandemic, and we couldn't be more proud of the resilience and commitment of our team."

 

Financial Highlights ...

 

Second Quarter Results ...

 

Agribusiness Summary ...

 

Edible Oil Products Summary ...

 

more, including tables

https://finance.yahoo.com/news/bunge-reports-second-quarter-2020-100000876.html