Bunge Q1 Results Down, Yet Top Estimates; Backs FY23 Outlook Below View

(RTTNews) - Agribusiness and food company Bunge Ltd. (BG) reported Wednesday that its first-quarter net income attributable to the company declined to $632 million from last year's $688 million. Earnings per share were $4.15, down from last year's $4.48. Adjusted net income per share were $3.26, compared to $4.26 a year ago. On average, 10 analysts polled by Thomson Reuters expect earnings of $3.24 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales dropped to $15.33 billion from prior year's $15.88 billion. The Street was looking for net sales of $14.78 billion for the quarter.

Further, for fiscal 2023, the company continues to expect adjusted earnings per share of at least $11 per share, while the analysts are looking for earnings of $11.81 per share for the year.

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