Bunge Logs Higher Profit Above View; Ups Annual Guidance

(RTTNews) - Agribusiness and food company, Bunge Limited (BG) on Wednesday reported sharply higher earnings for the third quarter that beat the Street estimates, helped by strong performances across Bunge's core and non-core operations. Consequently, the company also raised its full-year profit view.

Bunge reported net income of $653 million or $4.28 per share in the third quarter, significantly improved from $274 million or $1.84 per share in the same quarter a year ago,

Excluding items, earnings were $3.72 per share, that beat the average estimate of analysts polled by Thomson Reuter at $1.16 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter increased to $14.117 billion from $10.159 billion last year. The consensus estimate was for $11.61 billion.

The company has raised its full-year adjusted EPS outlook to $11.50 from $8.50 based on strong third-quarter results as well as favorable market trends. Analysts expect earnings of $7.67 for the period.

Bunge shares are up more than 5% in pre-market at $91.86. It closed Tuesday's trade at $87.25, down $1.07 or 1.21%.