Bunge Limited (NYSE: BG) reported Q1 EPS of ($1.34), $2.01 worse than the analyst estimate of $0.67. Revenue for the quarter came in at $9.17 billion versus the consensus estimate of $10.15 billion.

Greg Heckman, Bunge's Chief Executive Officer, commented, "I am incredibly proud and grateful for our team's commitment and performance during this highly challenging period. Bunge is a critical part of the global food infrastructure, and our team remains dedicated to ensuring that key feed and food ingredients are getting from farmers to consumers as we navigate this global crisis together.

"Our underlying business performed well during the quarter, and the mark-to-market adjustments we incurred are expected to reverse in the coming quarters. The work we have done to improve our operations, streamline our portfolio, and refine our approach to risk management has allowed us to remain nimble and adapt to evolving business and operational demands. We did not experience significant disruptions to our business from COVID-19 in the first quarter, although we did start to see the impact of changing consumer behavior in parts of our Edible Oils business in March.

"Without question this will continue to be a challenging year, but we have a strong platform, a resilient team, and a remarkable base of customers on both ends of the supply chain that will allow us to continue to perform our critical role in the global food infrastructure and drive value along the way."

Outlook

While there is little visibility into the second half of the year, the current market environment and forward curves indicate that our full-year 2020 EPS will be lower than our original expectation.

In Agribusiness, based on the strong start to the year, as well as the soy crush capacity we have hedged for the second and third quarters, our full-year outlook has not meaningfully changed from our original guidance.

Results in Edible Oils, which will face reduced demand from the foodservice and biofuels channels due to the impacts of COVID-19 that are only partially offset by improvement at retail, are expected to be lower than our original outlook. Expected results in Milling continue to be in line with last year.

The outlook of our sugar and bioenergy joint venture has materially changed due to the steep drop in Brazilian ethanol prices and the impact of continued foreign exchange volatility, particularly in the second quarter.

Additionally, the Company expects the following for 2020: an adjusted annual effective tax rate in the upper end of the range of 19% to 23%; net interest expense of approximately $230 million; capital expenditures toward the low end of the range of $400 to $450 million; and depreciation and amortization of approximately $430 million.

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