Bunge Limited (NYSE: BG) reported Q2 EPS of $0.17, $0.01 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $11.65 billion versus the consensus estimate of $10.9 billion.

• Q2 GAAP EPS of $0.48 vs. $0.81 last year; $0.17 vs. $0.79 on an adjusted basis
• Agribusiness impacted by weak margins and slow farmer selling in South America
• Food & Ingredients results as expected, driven by improved Edible Oils
• Sugar & Bioenergy benefitted from higher hedged sugar prices
• Combined Agri-Foods trailing four quarter ROIC of 6.1%; 0.9 points below WACC
• Announced $250 million Competitiveness Program
• Expect significant improvement in the second half of the year

Outlook

Thom Boehlert, Chief Financial Officer, stated, "Overall, we expect a much improved second half of the year. In Agribusiness, the third quarter is off to a good start. While South American soy crush margins have expanded, they, along with soy crush margins in Europe, are still below our earlier expectations. As a result, we are adjusting our full-year 2017 EBIT range to $550 million to $650 million, weighted to the fourth quarter.

"In Food & Ingredients, we expect Edible Oils to continue to show strong year-over-year improvement on higher volumes and margins. However, due to challenging first half conditions in Milling, and in anticipation of continued soft consumer demand in Brazil and Mexico, we are adjusting our full-year 2017 EBIT range to $210 million to $230 million, weighted to the fourth quarter.

"In Sugar & Bioenergy, we are entering the seasonally strong period of the year when ATR yields rapidly increase. Our sugarcane milling operations are trending well, and the segment remains on target to achieve full-year EBIT of $100 to $120 million assuming normal weather patterns. Results will be weighted toward the fourth quarter, reflecting seasonally tighter ethanol supply.

"In Fertilizer, we continue to expect 2017 segment EBIT to be approximately $25 million.

"We expect our full-year 2017 tax rate, excluding notables, to be 18% to 22%, which is more favorable than our previous expectation of 23% to 27%, primarily due to our forecasted earnings mix."

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