Global agribusiness firm, Bunge Ltd., increased its 2023 earnings outlook following a strong Q2 profit report.
The new adjusted earnings per share forecast is $7.60 to $8.20, up from $7.00 to $7.60. Bunge’s premarket trading shares surged 7.5%.
Q2 profit rose to $1.05 billion ($2.16 per share) from $879 million ($1.79 per share) last year. Revenue rose to $15.5 billion from $13.3 billion, driven by strong demand for soybeans and corn.
Bunge also benefited from higher fertilizer prices during the period. Greg Heckman, Bunge’s CEO, expressed satisfaction with the Q2 results and the favorable agricultural commodities environment.
Bunge is confident in achieving its full-year earnings outlook and capitalizing on continued commodity demand. The global agricultural market faces challenges with rising input costs and tight supplies. Despite this, Bunge remains focused on its strategic priorities for long-term growth.
Heckman reassured their ability to navigate these challenges and deliver strong results.
Heckman emphasized that Bunge remains steadfast in executing its strategic priorities and is firmly committed to delivering on its long-term growth goals. The company’s dedication to maintaining a successful trajectory reflects its determination to overcome obstacles and ensure a bright future in the agribusiness sector.
