Bunge quarterly adjusted profit nearly doubles, lifts outlook

Adds outlook, CEO quote, details on result

Oct 28 (Reuters) - Agricultural commodities trader Bunge Ltd BG.N reported a 91% rise in adjusted quarterly profit on Wednesday due to strength in its agribusiness segment driven by oilseed processing.

Strong oilseed processing margins and robust demand for soy products like animal feed and cooking oil have contributed Bunge's profits.

Bunge raised its full-year adjusted earnings forecast to between $6.25 and $6.75 per share, citing the "strong" quarterly performance and improving market trends.

"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," said Chief Executive Officer Greg Heckman.

Net attributable income to Bunge was $262 million, or $1.84 per share, for the third-quarter ended Sept. 30, compared with a loss of $1.49 billion, or $10.57 per share, a year earlier.

Bunge had taken about $1.7 billion in charges in the year-ago quarter.

On an adjusted basis, the company posted a profit of $2.47 per share, up from $1.28 per share a year earlier.

Net sales for the quarter fell 1.6% to $10.16 billion.

(Reporting by Karl Plume in Chicago and Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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