World Grain - September 2023 - 10

NEWS REVIEW
Strong execution lifts Bunge ag unit
ST. LOUIS, MISSOURI, US - Net income at Bunge soared
during the second quarter as the St. Louis-based company relied
on its agility to maneuver amid a dynamic environment,
said Gregory A. Heckman, chief executive officer.
In the second quarter ended June 30, Bunge posted net income
of $622 million, equal to $4.09 per share on the common
stock, up sharply from $206 million, or $1.34 per share, in the
previous year's second quarter. The year-ago quarterly results
included charges of $233 million related to a mark-to-market
timing difference and $68 million in other charges. Adjusted
earnings were $3.72 per share, up 25% from $2.97 per share
in the previous year's second quarter. Net sales in the second
quarter were $15.05 billion, down 16% from $17.93 billion in
the second quarter of the previous year.
In Bunge's Agribusiness, EBIT of $785 million was up from
$93 million in the second quarter of 2022. When adjusting for
a mark-to-market timing difference and certain charges, EBIT
was $674 million, up 75% from $386 million in the previous
year's second quarter. Volume decreased 6.4% to 18.26 million
tonnes from 19.49 million tonnes.
In the Refined and Specialty Oils segment, second-quarter
EBIT of $217 million was virtually unchanged from $218
million reported in the second quarter of the previous year.
Net sales fell 19% to $3.6 billion from $4.45 billion. Volumes
were 2.21 million tonnes, down from 2.32 million tonnes.
The Milling segment posted EBIT of $14 million, down
from $97 million. Net sales fell 28% to $490 million from
$677 million. Volume was 844 million tonnes, down 26%
from 1.14 million tonnes in the previous year's second quarter.
" While volatility can provide opportunities, it's difficult
to predict the timing and where within the value chain those
opportunities for upside will appear, " Gregory A. Heckman,
chief executive officer, said during a conference call with
analysts. " However, our ability to execute in rapidly changing
environments gives us confidence that we can create value
over the long term. We also saw benefits from our investments
in maintenance and productivity with improved reliability
and reduced the amount of unplanned downtime across
our platform. "
The Andersons income rises on Renewables, Nutrients
MAUMEE, OHIO, US - The Andersons tallied net income
of $55 million in the second quarter with adjusted EBITDA
of $144 million, crediting stronger performances across its
Renewables and Nutrient & Industrial business segments in
its Aug. 1 earnings report for the three months ended June 30.
Renewables reported pretax income of $67 million and adjusted
pretax income of $32 million on strong crush margins.
Nutrient & Industrial notched pretax income of $43 million on
increased volume. Trade showed pretax income of $5 million
and adjusted pretax income of $7 million.
Revenue for the second quarter was $4 billion, down from
$4.45 billion in 2022. For the first six months of 2023, The
Andersons recorded $7.9 billion in revenue, down from $8.43
billion in the same period a year ago.
" Ethanol margins in the Renewables business and increased
volume in our Nutrient & Industrial business led the way for
the quarter, " said Pat Bowe, president and chief executive
officer. " This was a significant improvement for Nutrient &
Industrial after a softer first quarter. While we expected that
some of the typical first-quarter nutrient sales volume would
shift into the second quarter, we are pleased with the extent of
the recovery. "
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September 2023 / World Grain / www.World-Grain.com
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World Grain - September 2023

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