Milling & Baking News - November 3, 2020 - 18

Financial Results

'Nearly flawless' execution lifts
Bunge earnings; share price jumps
ST. LOUIS - "Nearly flawless" execution by its team led Bunge Ltd. to
a strong financial performance during
the third quarter, prompting the company to raise its outlook for the full
fiscal year. News of the strong financials sent Bunge's share price as high
as $60.50 per share on Oct. 28, up 8.6%
over the previous day's close and its
highest level since Dec. 12, 2018.
"We had an exceptional quarter, and
I couldn't be more proud of our team's
outstanding execution," Gregory A.
Heckman, chief executive officer, said

quarter, saying it now expects 2020
earnings of $6.25 to $6.75 per share.
"While we can't assume everything
will always go perfectly given the inherent volatility in the global ag business, we are confident in our ability to
protect our margins on the downside,
manage our earnings at risk and expand on both when the opportunity
exists," Mr. Heckman said.
In the third quarter ended Sept. 30,
Bunge posted income of $262 million,
equal to $1.84 per share on the common stock, which compared with a

Bunge share price
$60

$50

$40

$30

Nov. Dec.
2019

Jan. Feb. March April May June
2020

July Aug.

Sept. Oct.

Source: New York Stock Exchange

during an Oct. 28 conference call with
analysts. "We achieved record crush
utilization across our global footprint,
and we remain agile, identifying opportunities and moving quickly to
capture them as market conditions
evolved. These results and our performance over the past few quarters
reflect the meaningful changes we've
made with a more global integrated
operating model, improved portfolio
and increased financial discipline.
"This is even more impressive considering our COVID protocols and
how many members of the team have
been working remotely. During the
quarter, we continued rewiring the
way we do business, and we made
further progress on our portfolio
initiative with additional announcements expected before the end of the
year. With most of the work to divest
our noncore assets behind us, we're
now able to look ahead and effectively
address our business needs down the
road. On an ongoing basis, we'll look
for opportunities to continuously improve our portfolio to ensure we're
well positioned over the long term."
Bunge raised its full-year profit
guidance for the second consecutive
18 / November 3, 2020

Milling & Baking News

loss of $1.5 billion in the third quarter
a year ago. Bunge incurred $1.6 billion
in charges in the third quarter a year
ago, primarily related to assets classified as held for sale in the Sugar &
Bioenergy business.
Sales were $10.16 billion, down 1.6%
from $10.32 billion a year ago.
"Last quarter, we called out a number
of drivers that could change our outlook for the third quarter," Mr. Heckman said. "In most cases, the movements were positive. And the team did
a great job of adjusting as things developed. On crush margin curves, we
noted they've begun to increase. That
improvement continued through the
quarter in several regions, and margins
ended the quarter much higher than the
forward curves indicated in July. The
tightening of vegetable oil across the
complex we noted last quarter continued, particularly in South America
and Europe. We've seen the demand
for oil improve in the food channel as
we move through the COVID environment and has been widely noted.
Biofuels are creating incremental demand. We noted China was purchasing aggressively in the US, and we
saw continued strong soybean flows

to China, which helped to further
tighten global supplies. We also saw
China start buying corn. The impact of
the situation in Argentina on our business is largely unchanged from last
quarter. While the current environment does not allow us to fully utilize
our Argentine system, we have flexed
our global platform to meet customer
demands.
"Finally, we noted that many customers were in the spot market. As we
moved through the third quarter, customers began to lock in their needs. And
as I said, our ag and food teams did a
great job executing as we helped customers at both ends of the value chain
manage their risks. Our teams continue
to do an excellent job collaborating with
our customers to find solutions to their
evolving needs related to COVID."
Bunge's Agribusiness unit had adjusted segment EBIT in the third quarter of 2020 of $467 million, up sharply
from $174 million in 2019. Agribusiness volumes were 35.89 million
tonnes, down 2% from 36.55 million
tonnes in the third quarter a year ago.
Sales were $7.11 billion, up 1.4% from
$7.01 billion a year ago.
John W. Neppl, chief financial officer, said during the call that Agribusiness results reflected strong execution
throughout the value chains, especially in managing the capacity of Bunge's
assets, global trade flows and risks.
"Results in Grains improved, primarily driven by origination in South
America, which benefited from strong
execution and farmer selling as crop
prices in local currency increased during the quarter," Mr. Neppl said.
Adjusted EBIT of the Bunge Edible
Oil Products division was $67 million,
down 7% from $72 million in the third
quarter of 2019. Sales were $2.43 billion, up from $2.32 billion.
Mr. Neppl said higher earnings in
Brazil and Asia, which benefited from
improved demand in food processor
and consumer retail channels, were
more than offset by lower earnings in
North America and Europe.
Adjusted EBIT of the Milling Products division totaled $18 million in the
third quarter of 2020, down narrowly
from $19 million a year ago. Net sales
decreased to $416 million from $437
million.
Higher results in Brazil, primarily
driven by increased volumes, were
slightly offset by lower margins in
Mexico, Mr. Neppl said. He noted that
results in Bunge's US operations were
comparable to the third quarter of fiscal 2019. MBN
bakingbusiness.com / world-grain.com


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - November 3, 2020

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Milling & Baking News - November 3, 2020 - 1
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