Updates with background, CEO quote and details on the results
Oct 27 (Reuters) – Bunge Ltd BG.N raised its full-year adjusted profit outlook on Wednesday for the third time this year as the U.S. agricultural commodities trader benefits from rising demand for food and renewable fuel following easing of some pandemic restrictions.
“Looking ahead, we expect the favorable 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,” Chief Executive Officer Greg Heckman said.
St. Louis, Missouri-based Bunge now expects full-year adjusted income to at be at least $11.50 per share from previous outlook of at least $8.50 per share.
Bunge’s results offered the latest look into how the world’s largest grain traders navigated the coronavirus pandemic and the shifts it triggered in food and fuel demand as consumers cooked more meals at home and avoided unnecessary travel.
Net income attributable to Bunge rose to $653 million, or $4.28 per share, in the quarter ended Sept. 30, from $262 million, or $1.84 per a share, a year earlier.
Revenue totaled $14.12 billion, up from $10.16 billion a year earlier.
(Reporting by Karl Plume in Chicago and Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)
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