Bunge Beats Estimates; Raises Guidance

(RTTNews) - Bunge Limited (BG) on Wednesday reported second-quarter net income of $362 million or $2.37 per share, down from $521 million or $3.47 per share in the same quarter a year ago.

Excluding items and mark-to-market timing differences, earnings were $2.61 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.57 per share for the quarter.

Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of certain forward contracts, readily marketable inventories, and related futures contracts associated with the company's committed future operating capacity.

Sales for the quarter increased to $15.391 billion from $9.462 billion last year. The consensus estimate was for $11.48 billion.

Looking forward, the company is raising its full-year adjusted EPS outlook to at least $8.50 per share from $7.50 per share provided earlier. Analysts expect earnings of $7.82 per share for the period.