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Bunge Limited (NYSE:BG) shares traded lower Wednesday after the company reported first-quarter results.
The company reported adjusted earnings per share of $3.04, beating the analyst consensus of $2.54.
Quarterly revenues of $13.417 billion missed the street view of $13.956 billion.
In the agribusiness, higher processing results were more than offset by lower results in merchandising, while refined and specialty Oil units were down from a strong prior year.
“During the quarter we invested further in our pipeline of growth projects and made excellent progress on integration planning for our announced combination with Viterra,” said Greg Heckman, Bunge’s Chief Executive Officer.
Bunge exited the quarter with cash and equivalents worth $2.939 billion and inventories worth $7.505 billion.
According to Benzinga Pro, BG stock has gained over 15% in the past year. Investors can gain exposure to the stock via First Trust Cons. Staples AlphaDEX (NYSE:FXG) and VanEck Agribusiness ETF (NYSE:MOO).
Outlook: Bunge reiterated a full-year 2024 adjusted EPS outlook of approximately $9.00 versus the $9.39 estimate.
The company sees full-year 2024 net interest expense in the range of $280 million to $310 million, which is down from previous expectation of $300 million to $330 million.
“While we are off to a strong start, we continue to have limited visibility into the back half of the year,” Heckman added.
Price Action: BG shares are trading lower by 5.57% to $103.51 at last check Wednesday.
