Q2 2024 Bunge Global SA Earnings Call Transcript
Key Points
- Bunge Global SA (BG) delivered solid adjusted EBIT, reflecting an improved margin environment in some regions during the second half of the quarter.
- The regulatory approval process for the Viterra transaction is progressing well, with the bulk of approvals already obtained.
- Bunge Global SA (BG) expects full-year adjusted EPS of approximately $9.25, indicating confidence in their financial outlook.
- The company generated $895 million of adjusted funds from operations in the first half of the year, showcasing strong cash flow.
- Bunge Global SA (BG) is making significant progress on strategic initiatives, including the sale of its interest in the Sugar and Bioenergy joint venture in Brazil to BP.
- Reported second-quarter earnings per share were significantly lower at $0.48 compared to $4.9 in the same quarter of 2023.
- Adjusted EPS for the quarter was $1.73, down from $3.72 in the prior year, indicating a decline in profitability.
- Agribusiness processing results were down from last year, with higher results in Europe offset by lower results in North and South America and Asia.
- Merchandising results were lower, primarily driven by global grains, with volumes more than offset by lower margins.
- The company's non-core sugar and bioenergy joint venture results were negatively impacted by lower Brazil ethanol prices, which more than offset higher sugar prices.
Good morning, everyone, and welcome to the Bunge Global SA second quarter 2024 earnings release conference call. (Operator Instructions) Please also note today's event is being recorded.
At this time, I'd like to turn the floor over to Ruth Ann Wisener. Ma'am, please go ahead.
Thank you, operator, and thank you for joining us this morning for our second quarter earnings call. Before we get started, I'm going to let you know that we have slides to accompany our discussion. This can be found at the Investor Center on our website at bunge.com, under Events and Presentations. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well.
I'd like to direct you to slide 2 and remind you that today's presentation includes forward-looking statements that reflect Bunge's current views with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various
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