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Bunge (NYSE:BG) shares rose modestly after the corporate reported a giant beat on high and backside traces and raised its full-year outlook.
For the third quarter, the corporate notched $3.45 in non-GAAP EPS and $16.76B in income. These figures got here $0.90 and $1.03B above Wall Avenue expectations, respectively. Administration credited sturdy efficiency in agribusiness and refined and specialty oils for the outcomes.
“We’re investing in our core oilseed enterprise in addition to the rising alternatives in specialty fat and oils, renewable feedstocks and plant-based proteins,” CEO Greg Heckman mentioned. “We stay assured in our enterprise and our group’s potential to create worth for the long run.”
On that confidence, the corporate raised its full-year EPS outlook to “not less than $13.50” as each agribusiness and refined and specialty oils are anticipated to extend from the earlier outlook and development “considerably greater than final yr.” Administration had beforehand anticipated $12 per share.
Elsewhere, the corporate famous that it repurchased $200M shares through the third quarter.
Shares of Bunge (BG) rose 0.58% shortly after the outcomes have been posted, figuring so as to add to a double-digit bump for the inventory prior to now month.
Dig into the small print of the outcomes.
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