Global agribusiness giant Bunge has raised its outlook for the full year following strong third quarter results, the company announced on 27 October.
The St Louis-based company announced strong performances across its core and non-core operations, with agribusiness results driven by a better than expected market.
In the third quarter ended 30 September, Bunge posted income of $US653M, compared to US$262M in the third quarter of the previous year.
Sales reached $US14.12bn, up from US$10.16bn the previous year.
As a result, Bunge said it would be increasing its full-year outlook to at least US$11.50/share.
The company’s refined and speciality oils segment improved its performance in all regions with particular strength in North America, the company said, with results in South America and Asia also slightly higher than last year.
In processing, Bunge said higher results in North America, European softseeds and Asian and European destinations, which had all benefited from strong vegetable oil demand, had been partially offset by lower results in South America.
Bunge said its portfolio would also be improved with the formation of a renewable fuel feedstocks joint venture with Chevron and the sale of the company’s Mexico wheat mills.
Looking ahead, Bunge said it expected the favourable market trends to continue.
“We are well-positioned to help our customers across the supply chain address the challenges in meeting increasing consumer demand for sustainable food, feed and fuel,” Bunge CEO Greg Heckman said.