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Bunge Posts Q3 FY 2022 Financial Results


In an October 26th release, Bunge Limited (BG) posted financial results for the 3rd quarter of Fiscal 2023. This Company can be regarded as a bellwether for ‘Mega-Ag’ and the commodities sector. Along with competitors ADM, Cargill, Cofco and Dreyfus, all are subject to the risks of currency fluctuation, geopolitical events, climatic extremes, and increased cost of ingredients, labor and transport in a competitive world environment still restrained by COVID and conflict in the Ukraine.


For the 3rd Quarter of FY 2022 ending September 30th, net income was $373 million on total revenue of $14,227 million.  Comparable figures for the 3rd quarter of fiscal 2022 ending September 30th 2022 were net income of $380 million on total revenue of $16,759 million. Diluted EPS fell slightly from $2.49 for the 3rd quarter of fiscal 2022 to $2.47 for the most recent quarter.


The Agribusiness segment generated sales of $10,052 million with an EBIT contribution of $461 million; Oils and Refining with revenue of $3,601 and a EBIT contribution of $230 million; Milling revenue of $479 million with EBIT contribution of $33 million.


In commenting on results Greg Heckman, CEO, commented, “Our team remained focused on executing our day-to-day business to deliver strong results for the third quarter. Our operating model enabled us to maximize our global footprint as we responded effectively to shifting market conditions. At the same time, we reached an important milestone in our strategic combination with Viterra, achieving overwhelming shareholder support for the transaction that we expect to accelerate Bunge’s growth”. Heckman concluded “We are also making good progress on other growth initiatives including enhancing our footprint, building relationships with our customers – farmers and end consumers, and strengthening our digital capabilities. I am proud of our team’s work across value chains to successfully deliver on our mission of connecting farmers to consumers to deliver essential food, feed and fuel to the world.”


Bunge projected FY 2023 adjusted EPS at $12.50 based on improved performance.


On September 30th 2023, Bunge posted assets of $25,133 million, against long-term debt and other obligations of $5,742 million. The Company had an intraday market capitalization of $15,320 million on October 27th. BG trades with a forward P/E of 8.2 and has ranged over a 52-week period from $87.87 to $126.59 with a 50-day moving average of $108.19. Twelve-month trailing operating margin was 4.5 percent and profit margin 3.2 percent.  Return on assets over the past twelve months was 7.7 percent and the return on equity 20.0 percent.