Bunge Limited (NYSE: BG) reported Q3 EPS of $2.47, $2.28 better than the analyst estimate of $0.19. Revenue for the quarter came in at $9.74 billion versus the consensus estimate of $9.92 billion.

third quarter 2020 results.

• Q3 GAAP EPS of $1.84 vs. $(10.57) in the prior year; $2.47 vs. $1.28 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
• Strong results driven by outstanding execution across Bunge's global platform
• Exceptional Agribusiness performance driven by oilseed processing, which benefited from higher margins and volumes
• Edible Oils results better than expected; year to date results higher than prior year despite COVID-19 impacts
• Increasing full-year adjusted EPS outlook to between $6.25 and $6.75 based on strong Q3 results and improving market trends

Overview

Greg Heckman, Bunge's Chief Executive Officer, commented, "Our team delivered a strong third quarter with outstanding execution across our global platform, leveraging improving market trends. We achieved record crush utilization and captured exceptionally strong margins while supporting our customers and maintaining measures to protect the health of our employees. These results, and our performance over the past few quarters, reflect the meaningful changes we've made to our operating model, portfolio and financial approach.

"Looking into next year, we expect many of the favorable trends to continue with demand for our products remaining strong. We also expect additional global demand for vegetable oil from the growth of biofuels. With our strength in oilseed processing, in addition to our global origination and distribution capabilities, we believe we are well positioned to meet market demands and capitalize on this growth."

GUIDANCE:

Bunge Limited sees FY2020 EPS of $6.25-$6.75, versus the consensus of $3.51.

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