Bunge Reports Earnings of $516 Million in 2Q, Raises 2020 Outlook

St. Louis, MO — Bunge Ltd. on Wednesday reported earnings of $516 million, compared to $214 million a year ago, beating analyst expectations for the period ended June 30.

Second-quarter net sales declined to $9.46 billion from $10.10 billion, previous year. Analysts had expected revenue of $9.7 billion for the quarter.

The company said it is increasing full-year earnings per share outlook to reflect stronger-than-expected second-quarter results.

Operating earnings in Bunge's agribusiness segment, its largest unit in terms of revenues and volumes, grew four-fold in the second quarter, leading to the improved 2020 outlook. Edible oils, milling and fertilizer units also posted gains, while sugar and bioenergy turned in a quarterly loss.

"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," said Greg Heckman, Bunge chief executive officer. "Our execution against committed crush capacity and coordination of trade flows was exceptional."

Bunge's strong second quarter, following a loss in the first, highlighted the disruption the agribusiness industry has faced during the COVID-19 pandemic.

"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," Heckman said of the second quarter.

To read the full report, click here.

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