Bunge Limited (BG) Tops Q1 EPS by 7c, Revenues Miss

Bunge Limited (NYSE: BG) reported Q1 EPS of ($0.06), $0.07 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $10.64 billion versus the consensus estimate of $11.47 billion.

Outlook

• We expect 2018 to be a year of strong earnings growth, particularly in Agribusiness.
• In Agribusiness, we are increasing our full-year EBIT outlook range to $800 million to $1.0 billion, primarily based on improved soy crush margins.
• In Food & Ingredients, we are increasing our full-year EBIT outlook range to $290 to $310 million to account for the addition of our 70 percent ownership stake in Loders Croklaan, which we acquired in early March. Segment results are expected to improve sequentially.
• In Sugar & Bioenergy, based on current sugar prices, we are reducing our full-year EBIT outlook range to $40 to $60 million. Results are expected to be seasonally weak until the second half of the year.
• In Fertilizer, we continue to expect EBIT of approximately $25 million.
• Savings from the Global Competitiveness Program and industrial and supply chain initiatives are reflected in our segment EBIT ranges.
• Additionally, we expect the following for 2018, which incorporates Loders Croklaan: a tax rate range of 18% to 22%; net interest expense in the range of $255 to $275 million; capital expenditures of approximately $700 million, of which approximately $150 million is related to sugarcane milling; and depreciation, depletion and amortization of approximately $690 million.

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

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