By RTT News, October 24, 2013, 06:46:00 AM EDT
(RTTNews.com) - Bunge Limited ( BG ) reported that its third-quarter net loss available to common shareholders was $137 million or $0.94 per share, compared to net income of $289 million or $1.92 per share in the same quarter last year.
Results in the quarter included after-tax net charges of $415 million that reduced net income from continuing operations by $547 million and increased net income from discontinued operations by $132 million.
Loss from continuing operations was $226 million, compared to net income of $295 million in the prior year.
Adjusted net income per share from continuing operations for the quarter declined to $2.05 from last year's $2.07. Analysts polled by Thomson Reuters expected the company to report earnings of $2.21 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter slipped to $14.70 billion from $16.54 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $16.91 billion for the quarter.
Soren Schroder, Bunge's Chief Executive Officer, said, "Looking forward, we expect a good fourth quarter supported by strong agribusiness and food performances. Both segments should produce returns above cost of capital in 2013. Global demand is strong, trade is expanding and our downstream businesses are growing. Our value chain approach to managing risk and margins and serving customers, along with our unique global footprint gives us confidence in our long-term ability to generate value for shareholders."
Drew Burke, Chief Financial Officer, stated, "As announced, we have reduced our 2013 capex to $1 billion from a previous target of $1.2 billion. We are planning a 2014 capex budget of $900 million with a focus on growth and productivity projects with shorter paybacks."
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