Bunge Limited (NYSE: BG) reported Q4 EPS of $1.27, $0.95 better than the analyst estimate of $0.32. Revenue for the quarter came in at $10.78 billion versus the consensus estimate of $11.51 billion.

Full-year 2019 GAAP EPS of $(9.34) vs. $1.57 in the prior year; $4.58 vs. $2.72 on an adjusted basis
Q4 GAAP EPS of $(0.48) vs.$(0.51) in the prior year; $1.27 vs. $0.08 on an adjusted basis
Agribusiness results driven by excellent execution and a better than expected market environment
Food & Ingredients results benefited from improved performance in North America and Asia, as well as favorable timing differences
Substantial progress on key priorities in 2019 - streamlined portfolio; implemented disciplined approach to risk management; improved operations and created new operating model

Overview

Greg Heckman, Bunge's Chief Executive Officer, commented, "We finished 2019 on a strong note, driven by solid operating performance and market conditions that moved in our favor during the quarter. The improvements we've made to our business and our more rigorous approach to risk management enabled us to adapt quickly and benefit from upside opportunities.

"As we look back across 2019, our team executed well despite the complex environment and the substantial changes that are underway at Bunge. Looking ahead to 2020, we will remain nimble and prudent in order to maximize the earnings potential of our global platform, while continuing to optimize our portfolio and operations."

Outlook

Taking into account the current margin environment and lack of visibility into the back half of the year, we expect full-year 2020 EPS to be broadly in line with 2019, when excluding notable items, our gain on Beyond Meat and the depreciation benefit in the Sugar & Bioenergy segment.

In Agribusiness, full-year results are expected to be down from 2019. Actual origination, processing and distribution margins will evolve based upon the fulfillment of U.S.-China trade agreements, crop sizes and farmer commercialization.

In Food & Ingredients, full-year results in Edible Oils and Milling are expected to be similar to the prior year, excluding approximately $13 million of favorable Q4 timing differences, which are expected to negatively impact 2020.

In Fertilizer, full-year results are expected to be down from a particularly strong prior year and more similar to 2018.

In Sugar and Bioenergy, market fundamentals have improved vs. 2019, driven by sustained Brazilian ethanol market prospects and better sugar prices.

Additionally, the Company expects the following for 2020: an adjusted annual effective tax rate in the range of 19% to 23%; net interest expense of approximately $230 million; capital expenditures in the range of $400 to $450 million; and depreciation and amortization of approximately $465 million.

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