=Bunge (BG) reported earnings on Wed 2 Nov 2016 (b/o)

Bunge reports EPS in-line, beats on revs :

• Reports Q3 (Sep) earnings of $0.73 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.73; revenues rose 6.1% year/year to $11.42 bln vs the $10.26 bln Capital IQ Consensus.
• Outlook:
  • Drew Burke, Chief Financial Officer, stated, "The agribusiness environment has improved with the arrival of harvests in the Northern Hemisphere, driving higher margins and utilizations in our North American and European oilseed processing and grain handling operations. Soybean meal demand should increase as feed formulations normalize, reflecting robust underlying demand for proteins. Slow farmer selling in South America is likely to persist through the end of the year.
  • "In Food & Ingredients, we expect 2016 EBIT of $230 to $240 million. Our improved outlook reflects higher margins and volumes resulting from our performance improvement initiatives and a more stable economic environment in Brazil.
  • "In Sugar & Bioenergy, we expect 2016 EBIT of $60 to $70 million. Our improved outlook reflects better than expected ethanol prices and assumes normal seasonal weather patterns.
  • "In Fertilizer, we expect 2016 EBIT to be approximately $30 million, which is slightly down from our earlier expectation due to lower margins.
  • "With this year's turnaround in Food & Ingredients, Sugar & Bioenergy and Fertilizer, we see the potential for significant earnings growth in 2017 as Agribusiness returns to historical levels of performance, supported by growing protein demand, record crops in South America, and the fact that Brazilian farmers have only priced small percentages of their next year's soy and corn crops."