Bunge Limited (NYSE: BG) reported Q3 EPS of $1.41, $0.93 better than the analyst estimate of $0.48. Revenue for the quarter came in at $10.32 billion versus the consensus estimate of $11.31 billion.

• Q3 GAAP EPS of $(10.57) vs. $2.39 in the prior year; $1.41 vs. $2.52 on an adjusted basis
• Results included ~$1.7 billion of charges related to portfolio initiatives, primarily the formation of the joint venture for the Brazilian Sugar & Bioenergy business
• Agribusiness managed challenging markets well and benefited from approximately $25 million of net mark-to-market gains, which included $95 million of new gains on forward soy crush margin contraction
• Food & Ingredients performed well, driven by strength in Edible Oils
• Progress continues on streamlining global business structure

Greg Heckman, Bunge's Chief Executive Officer, commented, "We navigated uncertain and deteriorating market conditions well. While we expect headwinds to continue, we are making progress on our key priorities. We have improved our operational execution, as well as our discipline around risk management. Our decision to combine our global and North American headquarters in St. Louis is an important step in the work underway to streamline our global business structure. We will continue to focus on the business drivers within our control as we execute our mission of delivering results and driving increased returns to shareholders."

Outlook

Based on the current agribusiness environment, which has become more challenging, the Company now expects a decline in earnings versus 2018. This outlook excludes notable items, the favorable impact of Bunge Ventures\' investment in Beyond Meat and higher results in Sugar & Bioenergy.

Additionally, the Company expects the following for 2019: A tax rate in the range of 20% to 24% excluding notable items; net interest expense in the range of $290 to $300 million; capital expenditures in the range of $520 to $540 million, of which approximately $115 million is related to sugarcane milling; and depreciation, depletion and amortization of approximately $550 million.

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