Bunge Limited (NYSE: BG) reported Q1 EPS of $0.36, $0.39 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $9.94 billion versus the consensus estimate of $10.76 billion.

• Q1 GAAP EPS of $0.26 vs. $(0.20) in the prior year; $0.36 vs. $(0.06) on an adjusted basis
• Higher Agribusiness results reflect better Oilseeds crush volumes and margins
• Improved results in Food & Ingredients driven by full quarter of Loders Croklaan ownership and higher margins in Brazil operations
• Global Competitiveness Program continues to simplify operations and streamline customer service; on track to deliver $250 million of total savings a year ahead of schedule
• New global operating model to accelerate decision-making, increase accountability and allocate capital to highest return opportunities

Greg Heckman, Bunge's Chief Executive Officer, commented, "Our results for the quarter were generally in-line with our expectations. I am pleased with our team's ability to execute and with the energy and engagement I've seen throughout the company. We continue to focus on operational performance, optimizing the portfolio, and strengthening financial discipline, strategic priorities which will move our organization forward.

To that end, today we announced a new global operating model to improve the speed and quality of decision-making," Mr. Heckman continued. "We expect this new model to provide additional clarity and accountability of roles and responsibilities and enhance strategic flexibility as we continue to evaluate the portfolio."

Outlook

Based on current market conditions, the Company's view on 2019 full-year consolidated results has not changed from its previously disclosed outlook, provided on February 21, 2019.

In Agribusiness, based on the current soy crush margin environment, 2019 full-year results would be expected to be lower than 2018. Actual soy crush margins over the course of the year are likely to evolve based on U.S.-China trade discussions, crop sizes and farmer commercialization. Based on the current softseed crush margin environment, results would be slightly higher than last year, driven by strong oil demand. Improvements in risk management and in how we operate should support higher results in Grains compared with last year.

In Food & Ingredients, full-year results in Edible Oils should benefit from 12 months of ownership of Loders Croklaan, as well as increased synergies from the integration of our B2B businesses. Favorable Milling operating environments in Brazil and the U.S. are likely to be partially offset by more challenging conditions in Mexico.

In Sugar & Bioenergy, based on normal weather and forward price curves for sugar and ethanol, full-year 2019 results would be expected to be about break-even. As in past years, results will be seasonally weighted to the second half of the year.

In Fertilizer, based on the current market environment, full-year results would be lower than last year.

The Global Competitiveness Program is expected to generate approximately $50 million of incremental year-over-year savings. The Company expects additional savings from industrial and supply chain initiatives, which are expected to offset inflation.

Additionally, the Company expects the following for 2019: A tax rate in the range of 22% to 26%; net interest expense in the range of $290 to $310 million; capital expenditures of approximately $550 million, of which approximately $115 million is related to sugarcane milling; and depreciation, depletion and amortization of approximately $650 million.

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