UPDATE: Bunge Limited (BG) Tops Q1 EPS by $1.59, Revenues Beat; Raises FY21 EPS Guidance Above Consensus

May 4, 2021 6:03 AM EDT

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(Updated - May 4, 2021 6:03 AM EDT)

Bunge Limited (NYSE: BG) reported Q1 EPS of $3.13, $1.59 better than the analyst estimate of $1.54. Revenue for the quarter came in at $12.96 billion versus the consensus estimate of $10.35 billion.

  • Q1 GAAP EPS of $5.52 vs. $(1.46) in the prior year; $3.13 vs. $0.91 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
  • Outstanding Agribusiness execution capturing opportunities throughout the global value chains
  • Excellent results in Refined and Specialty Oils benefiting from improved demand and our continued focus on customers and innovation
  • Increasing full-year adjusted EPS outlook to ~$7.50 based on strong Q1 results and positive market trends
  • Increasing quarterly common dividend by 5% to $0.525 per share

Greg Heckman, Bunge's Chief Executive Officer, commented, "Our outstanding results in the first quarter reflect the fundamental strength of Bunge's platform and the benefits our integrated global approach bring to farmers and end customers. Working together across value chains, our teams are capturing opportunities while effectively adapting to dynamic market environments. We remain focused on the safety of our employees and communities in the face of the ongoing pandemic, and we continue to serve changing consumer and business needs in the markets in which we operate. We are optimistic that the favorable demand environment in the first quarter will continue through 2021, and we are confident we have the right team and model in place to maintain our positive momentum."

GUIDANCE:

Bunge Limited sees FY2021 EPS of $7.50, versus the consensus of $6.43.

We are increasing our full-year 2021 EPS outlook to reflect our strong first quarter and positive market trends. We are now forecasting full-year 2021 adjusted EPS of approximately $7.50 per share.

In Agribusiness, full-year results are expected to be higher than our previous outlook, but still forecasted to be down from last year. While we are not forecasting the same unique environment or magnitude of opportunities that we captured during 2020, we continue to see favorable market and demand trends through the remainder of the year.

In Refined and Specialty Oils, full-year results are expected to be up from our previous outlook and significantly higher compared to last year due to our strong first quarter results and positive demand trends in North America.

Results in Milling are expected to be generally in line with last year.

Corporate and Other is expected to be comparable to last year.

Additionally, the Company expects the following for 2021: an adjusted annual effective tax rate in the range of 20% to 22%; net interest expense in the range of $230 to $240 million; capital expenditures in the range of $425 to $475 million; and depreciation and amortization of approximately $415 million.

In Non-Core, full-year results in the sugar and bioenergy joint venture are expected to be a positive contributor, driven by improved sugar and Brazilian ethanol prices.

For earnings history and earnings-related data on Bunge Limited (BG) click here.



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