Q3 2024 Bunge Global SA Earnings Call Transcript
Key Points
- Bunge Global SA (BG) delivered a strong third quarter with solid adjusted EBITA exceeding expectations.
- The company is making significant progress on integration planning for its announced combination with Viterra, with teams working well together.
- Bunge received conditional clearance from the European Commission for the Viterra transaction, with no expected material impact on the deal's economics.
- The company repurchased $200 million of Bunge shares, progressing against its repurchase plan.
- Bunge's U.S. plants achieved the best soy crush performance for a crop year ever, and the company reached record volumes in global rapeseed crushing and refining.
- Reported third quarter earnings per share decreased to $1.56 from $2.47 in the third quarter of 2023.
- Adjusted EPS was $2.29 in the third quarter, down from $2.99 in the prior year.
- Agribusiness processing results were down, with lower results in North America, European Saucito, and Asia.
- The non-core sugar and bioenergy joint venture in Brazil underperformed, leading to a $0.15 reduction in Q4 earnings forecast.
- The company faces policy uncertainty in the U.S. regarding biofuel demand, which could impact soybean oil demand in late Q4 and Q1.
Fine women.
Good day, and welcome to the Bunge Global SA Third Quarter 2024 Earnings Release and Conference Call.
All participants will be in listen only mode.
Should you need assistance, please signal a conference specialist by pressing the * key followed by 0.
After today's presentation, there will be an opportunity to ask questions.
You may press *, then 1 on your telephone keypad.
To withdraw your question, please press * then 2.
Please note, this event is being recorded.
I would now like to turn the conference over to Ruth Ann Wisener.
Please go ahead.
Thank you, operator, and thank you for joining us this morning to our third quarter earnings call.
Before we get started, I would like to note that we have slides to accompany our discussion.
This can be found at the Investor Center on our website at bunge.com.
Under Events and Presentations.
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