The following is a summary of the Bunge Global SA (BG) Q3 2023 Earnings Call Transcript:
Financial Performance:
Bunge's reported Q1 EPS was $1.68, a decline from Q4 2023 EPS of $4.15 due to timing issues with mark-to-market and Viterra transaction costs.
The company's adjusted core EBIT in Q1 2023 was $719 million, compared to $756 million in Q4 2023.
Bunge continues to anticipate a full-year adjusted EPS of approximately $9 in 2024.
In Q1 2023, Bunge's committed credit facilities amounted to around $8.7 billion, fully unused, with an additional $8 billion in term-loan commitments secured for the Viterra transaction.
The company repurchased $400 million worth of its shares and projects an adjusted annual effective tax rate of 22%-25% for FY 2024.
Business Progress:
Bunge is making progress on the integration of Viterra, with the transaction set to close mid-year, alongside growth projects mainly in the renewable fuels sector.
The company is establishing an edible oil refinery in India to improve customer service efficiency in its food segment in the region.
Bunge is waiting for regulatory clearance from 13 jurisdictions for an undisclosed transaction, with approvals already from 28 countries.
The firm's pilot winter canola cover crop trials have shown promising results, with plans to scale up in the future.
Q2 softness due to income being pulled forward is expected to rebound in Q4, driven by soybean oil demand and the global palm outlook.
Bunge is managing several projects, such as the expansion of the Destrehan plant and the acquisition of CJ Selecta, which are projected to be operational by 2026.
More details: Bunge IR
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