Bunge beats quarterly profit estimates on strong crush margins
BG•Bunge reported third-quarter adjusted profit of $2.56 per share, above analysts’ $2.44 estimate. Soybean processing and refining sales rose 5.4% to $11.4 billion.
1. Profit tops estimates
Bunge reported adjusted profit of $2.56 per share for the three months ended September 30, compared with analysts’ average estimate of $2.44 per share.
2. Segment sales rise
Quarterly net sales from soybean processing and refining increased 5.4% year on year to $11.4 billion. Softseed processing and refining sales were $4.3 billion, up from $3.6 billion a year earlier, while grain merchandising and milling sales rose 5.2% to $6.76 billion.
3. Farm sales accelerate
The article said higher US corn and soybean prices since the start of the Iran conflict prompted farmers to accelerate sales of grain from last year’s harvest. Higher oil prices also raised prices for crops used to make biofuels.
