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Bunge Posts Loss for Q2

08/06/2018

In an August 1st release Bunge Ltd reported an unexpected loss for the second quarter of fiscal 2018.  The company lost $21 million or $(0.15) cents per share for the period ending June 30th on net sales of $12.15 billion.  Corresponding values for the second quarter of fiscal 2017 were a profit of $72 million or 51 cents per share on sales of $11.65 billion.  The loss arose from a $125 million negative trade on soybean hedges and $24 million loss from currency hedges in Brazil. Bunge shares fell three percent to $67.13.  The 52-week range is $63.87 to $83.20.  Currently Bunge trades with a forward P/E of 12.0.

 

CEO Soren Schroder stated, “It was not what we would have expected given this is a peak quarter in South America.” He added “the soy crushing environment continues to evolve positively and second quarter results in Oilseeds were within the range of our expectations.”  He concluded, “While total company performance in the second quarter came in below our estimates, we expect a strong second half driven by another step in performance in soy crushing as we have committed most of the open capacity for the balance of the year at very attractive margins.”