Bunge beats by $0.32, misses on revs (49.98)
- Reports Q1 (Mar) adjusted earnings of $0.36 per share, $0.32 better than the S&P Capital IQ Consensus of $0.04; revenues fell 6.6% year/year to $9.94 bln vs the $10.67 bln S&P Capital IQ Consensus.
- In Agribusiness, based on the current soy crush margin environment, 2019 full-year results would be expected to be lower than 2018. Actual soy crush margins over the course of the year are likely to evolve based on U.S.-China trade discussions, crop sizes and farmer commercialization. Based on the current softseed crush margin environment, results would be slightly higher than last year, driven by strong oil demand. Improvements in risk management and in how we operate should support higher results in Grains compared with last year.
- Separately, Bunge also announces today that it has appointed John Neppl as Chief Financial Officer, effective May 29, 2019. He will succeed ThomasBoehlert who has served as Chief Financial Officer since 2017 and will remain for a transition period.
- Raul Padilla, President, South America and Sugar & Bioenergy, becomes President, Global Operations. Christos Dimopoulos, President, Agribusiness, becomes President, Global Supply Chains. In this role, he will lead the physical commodity supply chains that support Bunge's handling and processing assets. Brian Zachman, President, Global Risk Management, continues in this role, working to improve returns while reducing volatility across the company