Bunge Reports Fourth Quarter and Full-Year 2024 Results
Bunge Global (NYSE: BG) reported its Q4 and full-year 2024 results, showing a decline in financial performance. Full-year GAAP diluted EPS decreased to $7.99 from $14.87 in the prior year, while adjusted EPS fell to $9.19 from $13.66. Q4 GAAP diluted EPS increased to $4.36 from $4.18, though adjusted EPS declined to $2.13 from $3.70.
The company repurchased $500 million of shares during Q4, bringing the total share repurchases for 2024 to $1.1 billion. Bunge is in the final stages of regulatory processes for Viterra and CJ Selecta acquisitions. The company's 2024 performance was marked by lower Processing results in Agribusiness and decreased Refined and Specialty Oils results, particularly in North America.
Looking ahead to 2025, Bunge forecasts adjusted EPS of approximately $7.75, expecting lower results in both Agribusiness Processing and Merchandising segments, as well as decreased performance in Refined and Specialty Oils.
Bunge Global (NYSE: BG) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, mostrando un declino nelle performance finanziarie. L'utile per azione diluito GAAP per l'intero anno è sceso a $7,99 rispetto ai $14,87 dell'anno precedente, mentre l'utile per azione rettificato è diminuito a $9,19 da $13,66. Nel quarto trimestre, l'utile per azione diluito GAAP è aumentato a $4,36 rispetto ai $4,18, sebbene l'utile per azione rettificato sia calato a $2,13 da $3,70.
Durante il quarto trimestre, la società ha riacquistato azioni per $500 milioni, portando il totale dei riacquisti azionari per il 2024 a $1,1 miliardi. Bunge è nelle fasi finali dei processi di regolamentazione per le acquisizioni di Viterra e CJ Selecta. Le performance del 2024 della società sono state segnate da risultati inferiori nel settore Agribusiness e da una diminuzione dei risultati degli Oli Raffinati e Speciali, in particolare in Nord America.
Guardando al 2025, Bunge prevede un utile per azione rettificato di circa $7,75, aspettandosi risultati inferiori nei segmenti Agribusiness Processing e Merchandising, insieme a una diminuzione delle performance negli Oli Raffinati e Speciali.
Bunge Global (NYSE: BG) reportó sus resultados del cuarto trimestre y del año completo 2024, mostrando un declive en el rendimiento financiero. El EPS diluido GAAP del año completo disminuyó a $7.99 desde $14.87 en el año anterior, mientras que el EPS ajustado cayó a $9.19 desde $13.66. El EPS diluido GAAP del cuarto trimestre aumentó a $4.36 desde $4.18, aunque el EPS ajustado disminuyó a $2.13 desde $3.70.
La compañía recompró $500 millones en acciones durante el cuarto trimestre, llevando el total de recompras de acciones para 2024 a $1.1 mil millones. Bunge se encuentra en las etapas finales de los procesos regulatorios para las adquisiciones de Viterra y CJ Selecta. El rendimiento de la compañía en 2024 se vio marcado por resultados más bajos en Procesamiento Agrícola y disminución en los resultados de Aceites Refinados y Especiales, particularmente en América del Norte.
De cara al 2025, Bunge pronostica un EPS ajustado de aproximadamente $7.75, esperando menores resultados en los segmentos de Procesamiento Agrícola y Merchandising, así como un rendimiento disminuido en Aceites Refinados y Especiales.
벙게 글로벌 (NYSE: BG)가 2024년 4분기 및 연간 실적을 발표하며 재무 성과가 감소했다고 보고했습니다. 연간 GAAP 희석 EPS는 전년도 $14.87에서 $7.99로 감소했고, 조정 EPS는 $13.66에서 $9.19로 떨어졌습니다. 4분기 GAAP 희석 EPS는 $4.18에서 $4.36으로 증가했으나, 조정 EPS는 $3.70에서 $2.13으로 감소했습니다.
회사는 4분기 동안 5억 달러의 자사주를 매입하여 2024년 총 자사주 매입액을 11억 달러로 늘렸습니다. 벙게는 비테라(Viterra)와 CJ 셀렉타(CJ Selecta) 인수에 대한 규제 절차의 최종 단계에 있습니다. 회사의 2024년 성과는 농산물 가공 부문에서 낮은 결과와 북미에서 특히 저조한 정제 및 특수 오일 성과로 특징지어졌습니다.
2025년을 바라보며, 벙게는 조정 EPS를 약 $7.75로 예측하고 있으며, 농산물 가공 및 상품 부문 모두에서 낮은 결과와 정제 및 특수 오일에서 성과 감소를 예상하고 있습니다.
Bunge Global (NYSE: BG) a publié ses résultats du quatrième trimestre et de l'année entière 2024, montrant un déclin de la performance financière. Le BPA dilué GAAP pour l'année entière est passé de 14,87 $ à 7,99 $, tandis que le BPA ajusté a baissé à 9,19 $ contre 13,66 $. Pour le quatrième trimestre, le BPA dilué GAAP a augmenté à 4,36 $ contre 4,18 $, bien que le BPA ajusté ait chuté à 2,13 $ contre 3,70 $.
La société a racheté 500 millions de dollars d'actions au cours du quatrième trimestre, portant le total des rachats d'actions pour 2024 à 1,1 milliard de dollars. Bunge est dans les phases finales des processus de régulation pour les acquisitions de Viterra et CJ Selecta. Les performances de la société pour 2024 ont été marquées par des résultats inférieurs dans le secteur de l'Agribusiness et une diminution des résultats des Huiles Raffinées et Spéciales, en particulier en Amérique du Nord.
En regardant vers 2025, Bunge prévoit un BPA ajusté d'environ 7,75 $, s'attendant à des résultats plus faibles dans les segments de Traitement Agricole et de Marchandisation, ainsi qu'à une performance diminuée dans les Huiles Raffinées et Spéciales.
Bunge Global (NYSE: BG) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben, die einen Rückgang der finanziellen Leistung zeigen. Der verwässerte GAAP EPS für das gesamte Jahr fiel von $14,87 auf $7,99, während der angepasste EPS von $13,66 auf $9,19 zurückging. Im vierten Quartal stieg der verwässerte GAAP EPS von $4,18 auf $4,36, während der angepasste EPS jedoch von $3,70 auf $2,13 sank.
Das Unternehmen hat im vierten Quartal Aktien im Wert von 500 Millionen US-Dollar zurückgekauft, was den Gesamtbetrag der Aktienrückkäufe für 2024 auf 1,1 Milliarden US-Dollar anhebt. Bunge befindet sich in den letzten Phasen der behördlichen Genehmigung für die Übernahmen von Viterra und CJ Selecta. Die Leistung des Unternehmens im Jahr 2024 war von niedrigeren Verarbeitungsergebnissen im Agrargeschäft und einem Rückgang der Ergebnisse aus Raffinierten und Spezialölen, insbesondere in Nordamerika, geprägt.
Für 2025 prognostiziert Bunge einen angepassten EPS von etwa $7,75 und erwartet niedrigere Ergebnisse sowohl im Agrargeschäftsverarbeitung als auch im Merchandising-Segment sowie eine verringerte Leistung bei Raffinierten und Spezialölen.
- Share repurchases of $1.1 billion in 2024
- Q4 GAAP EPS increased to $4.36 from $4.18 YoY
- Near completion of Viterra and CJ Selecta regulatory processes
- Achieved 100% traceability and monitoring targets in Brazil
- Full-year GAAP EPS declined 46% to $7.99 from $14.87
- Q4 adjusted EPS decreased 42% to $2.13 from $3.70
- Lower Processing results in North America and South America
- Reduced Refined & Specialty Oils performance
- 2025 guidance of $7.75 adjusted EPS indicates continued decline
Insights
Bunge's FY2024 results reveal significant margin compression across core segments, with adjusted EBIT declining
Three critical developments warrant investor attention:
- Margin Deterioration: North American operations showed particular weakness, reflecting a more balanced supply-demand environment and uncertain biofuel policies. This suggests structural changes in market dynamics rather than cyclical factors.
- Capital Allocation: Despite earnings pressure, Bunge maintained aggressive shareholder returns, repurchasing
$1.1B in shares during 2024. The$1.5-1.7B CAPEX guidance for 2025 indicates confidence in long-term growth opportunities. - Strategic Positioning: The pending Viterra merger and CJ Selecta acquisition demonstrate a clear pivot toward geographical diversification and vertical integration, potentially providing better margin stability in future cycles.
The conservative 2025 guidance of
-
Full-year GAAP diluted EPS of
$7.99 $14.87 $9.19 $13.66 -
Q4 GAAP diluted EPS of
$4.36 $4.18 $2.13 $3.70 - In Agribusiness lower Processing results partially offset by higher Merchandising
-
Lower Refined and Specialty Oils results primarily driven by
North America - In late stages of regulatory processes for Viterra and CJ Selecta
- Made substantial progress during FY24 on growth investments and strategic partnerships as well as the divestiture of the sugar & bioenergy joint venture
-
Repurchased
$500 million $1.1 billion
- Overview
Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our team closed out a year of significant achievements for Bunge. We made great progress on integration planning for our announced combination with Viterra and, having received the vast majority of regulatory approvals, we expect to close the transaction soon. We continued to make productivity improvements from our investments in the business while returning significant capital to shareholders. And we took meaningful steps in sustainability by achieving our
"While we didn't end the year as we expected and our forward visibility is limited by the increased geopolitical uncertainty, we are confident that the work we've done to further strengthen our business will allow us to continue to create value for all stakeholders. We look forward to using our more diverse platform across crops and geographies to connect farmers to consumers to deliver essential food, feed and fuel to the world."
- Financial Highlights
|
Quarter Ended
|
|
Year Ended
|
||||||||||
(US$ in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Net income attributable to Bunge |
$ |
602 |
|
$ |
616 |
|
|
$ |
1,137 |
|
$ |
2,243 |
|
Net income per share-diluted (7) |
$ |
4.36 |
|
$ |
4.18 |
|
|
$ |
7.99 |
|
$ |
14.87 |
|
|
|
|
|
|
|
||||||||
Mark-to-market timing differences (a) |
$ |
(1.25 |
) |
$ |
(1.08 |
) |
|
$ |
0.72 |
|
$ |
(2.36 |
) |
Certain (gains) & charges (b) |
|
(0.98 |
) |
|
0.60 |
|
|
|
0.48 |
|
|
1.15 |
|
Adjusted Net income per share-diluted (c) (7) |
$ |
2.13 |
|
$ |
3.70 |
|
|
$ |
9.19 |
|
$ |
13.66 |
|
|
|
|
|
|
|
||||||||
Core Segment EBIT (c) (d) |
$ |
734 |
|
$ |
1,043 |
|
|
$ |
2,171 |
|
$ |
3,717 |
|
Mark-to-market timing differences (a) |
|
(180 |
) |
|
(216 |
) |
|
|
163 |
|
|
(477 |
) |
Certain (gains) & charges (b) |
|
(6 |
) |
|
54 |
|
|
|
13 |
|
|
25 |
|
Adjusted Core Segment EBIT (c) |
$ |
548 |
|
$ |
881 |
|
|
$ |
2,347 |
|
$ |
3,265 |
|
|
|
|
|
|
|
||||||||
Corporate and Other EBIT (c)(e) |
$ |
(173 |
) |
$ |
(131 |
) |
|
$ |
(594 |
) |
$ |
(548 |
) |
Certain (gains) & charges (b) |
|
59 |
|
|
48 |
|
|
|
244 |
|
|
150 |
|
Adjusted Corporate and Other EBIT (c) |
$ |
(114 |
) |
$ |
(83 |
) |
|
$ |
(350 |
) |
$ |
(398 |
) |
|
|
|
|
|
|
||||||||
Non-core Segment EBIT (c) (f) |
$ |
206 |
|
$ |
39 |
|
|
$ |
215 |
|
$ |
164 |
|
Certain (gains) & charges (b) |
|
(195 |
) |
|
— |
|
|
|
(195 |
) |
|
— |
|
Adjusted Non-core Segment EBIT (c) |
$ |
11 |
|
$ |
39 |
|
|
$ |
20 |
|
$ |
164 |
|
|
|
|
|
|
|
||||||||
Total EBIT (c) |
$ |
767 |
|
$ |
951 |
|
|
$ |
1,792 |
|
$ |
3,333 |
|
Mark-to-market timing differences (a) |
|
(180 |
) |
|
(216 |
) |
|
|
163 |
|
|
(477 |
) |
Certain (gains) & charges (b) |
|
(142 |
) |
|
102 |
|
|
|
62 |
|
|
175 |
|
Adjusted Total EBIT (c) |
$ |
445 |
|
$ |
837 |
|
|
$ |
2,017 |
|
$ |
3,031 |
|
| (a) |
|
Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories ("RMI"), and related hedges associated with committed future operating capacity and sales. See note 3 in the Additional Financial Information section of this release for details. |
(b) |
|
Certain (gains) & charges included in Total EBIT and Net income attributable to Bunge. See Additional Financial Information for details. |
(c) |
|
Core Segment EBIT, Adjusted Core Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Non-core Segment EBIT, Adjusted Non-core Segment EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable |
(d) |
|
Core Segment earnings before interest and tax ("Core Segment EBIT") comprises the aggregate earnings before interest and tax (“EBIT”) of Bunge’s Agribusiness, Refined and Specialty Oils and Milling reportable segments, and excludes Bunge's Sugar & Bioenergy reportable segment and Corporate and Other activities. |
(e) |
|
Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and accounts receivable securitization activities. |
(f) |
|
Non-core Segment EBIT comprises Bunge’s Sugar & Bioenergy reportable segment EBIT, which reflects Bunge's share of the results of its previously owned 50/50 joint venture with BP p.l.c. On October 1, 2024, we completed the sale of our |
- Fourth Quarter and Full-Year 2024 Results
Core Segments
Agribusiness
|
Quarter Ended |
|
Year Ended |
||||||||||
(US$ in millions, except per share data) |
Dec 31, 2024 |
Dec 31, 2023 |
|
Dec 31, 2024 |
Dec 31, 2023 |
||||||||
Volumes (in thousand metric tons) |
|
19,965 |
|
|
20,522 |
|
|
|
80,628 |
|
|
76,019 |
|
|
|
|
|
|
|
||||||||
Net Sales |
$ |
9,909 |
|
$ |
10,955 |
|
|
$ |
38,598 |
|
$ |
42,764 |
|
|
|
|
|
|
|
||||||||
Gross Profit |
$ |
779 |
|
$ |
871 |
|
|
$ |
1,914 |
|
$ |
3,321 |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expense |
$ |
(151 |
) |
$ |
(164 |
) |
|
$ |
(603 |
) |
$ |
(592 |
) |
|
|
|
|
|
|
||||||||
Foreign exchange gains (losses) - net |
$ |
(90 |
) |
$ |
77 |
|
|
$ |
(171 |
) |
$ |
— |
|
|
|
|
|
|
|
||||||||
EBIT attributable to noncontrolling interests |
$ |
(23 |
) |
$ |
(41 |
) |
|
$ |
(9 |
) |
$ |
(70 |
) |
|
|
|
|
|
|
||||||||
Other income (expense) - net |
$ |
38 |
|
$ |
72 |
|
|
$ |
226 |
|
$ |
126 |
|
|
|
|
|
|
|
||||||||
Income (loss) from affiliates |
$ |
10 |
|
$ |
20 |
|
|
$ |
(56 |
) |
$ |
1 |
|
|
|
|
|
|
|
||||||||
Segment EBIT |
$ |
563 |
|
$ |
835 |
|
|
$ |
1,301 |
|
$ |
2,786 |
|
Mark-to-market timing differences |
|
(193 |
) |
|
(233 |
) |
|
201 |
|
|
(497 |
) |
|
Certain (gains) & charges |
|
(6 |
) |
|
37 |
|
|
|
13 |
|
|
8 |
|
Adjusted Segment EBIT |
$ |
364 |
|
$ |
639 |
|
|
$ |
1,515 |
|
$ |
2,297 |
|
Processing (2)
|
Quarter Ended |
|
Year Ended |
|||||||||
(US$ in millions) |
Dec 31, 2024 |
Dec 31, 2023 |
|
Dec 31, 2024 |
Dec 31, 2023 |
|||||||
Processing EBIT |
$ |
422 |
|
$ |
834 |
|
|
$ |
943 |
$ |
2,487 |
|
Mark-to-market timing differences |
|
(180 |
) |
|
(278 |
) |
|
|
247 |
|
(559 |
) |
Certain (gains) & charges |
|
(1 |
) |
|
37 |
|
|
|
18 |
|
19 |
|
Adjusted Processing EBIT |
$ |
241 |
|
$ |
593 |
|
|
$ |
1,208 |
$ |
1,947 |
|
Higher soy crush results in
Merchandising (2)
|
Quarter Ended |
Year Ended |
||||||||||
(US$ in millions) |
Dec 31, 2024 |
Dec 31, 2023 |
Dec 31, 2024 |
Dec 31, 2023 |
||||||||
Merchandising EBIT |
$ |
141 |
|
$ |
1 |
|
$ |
358 |
|
$ |
299 |
|
Mark-to-market timing differences |
|
(13 |
) |
|
45 |
|
|
(46 |
) |
|
62 |
|
Certain (gains) & charges |
|
(5 |
) |
|
— |
|
|
(5 |
) |
|
(11 |
) |
Adjusted Merchandising EBIT |
$ |
123 |
|
$ |
46 |
|
$ |
307 |
|
$ |
350 |
|
Higher results were driven by improved performances in our financial services, ocean freight and global grains businesses, more than offsetting lower results in global oils. Results included a business interruption insurance recovery of
Refined & Specialty Oils
|
Quarter Ended |
|
Year Ended |
||||||||||
(US$ in millions, except per share data) |
Dec 31, 2024 |
Dec 31, 2023 |
|
Dec 31, 2024 |
Dec 31, 2023 |
||||||||
Volumes (in thousand metric tons) |
|
2,305 |
|
|
2,272 |
|
|
|
9,134 |
|
|
8,908 |
|
|
|
|
|
|
|
||||||||
Net Sales |
$ |
3,252 |
|
$ |
3,513 |
|
|
$ |
12,771 |
|
$ |
14,603 |
|
|
|
|
|
|
|
||||||||
Gross Profit |
$ |
275 |
|
$ |
342 |
|
|
$ |
1,287 |
|
$ |
1,369 |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expense |
$ |
(113 |
) |
$ |
(134 |
) |
|
$ |
(416 |
) |
$ |
(425 |
) |
|
|
|
|
|
|
||||||||
Foreign exchange gains (losses) - net |
$ |
1 |
|
$ |
(1 |
) |
|
$ |
(20 |
) |
$ |
7 |
|
|
|
|
|
|
|
||||||||
EBIT attributable to noncontrolling interests |
$ |
(4 |
) |
$ |
(4 |
) |
|
$ |
(35 |
) |
$ |
(21 |
) |
|
|
|
|
|
|
||||||||
Other income (expense) - net |
$ |
(11 |
) |
$ |
(15 |
) |
|
$ |
(57 |
) |
$ |
(65 |
) |
|
|
|
|
|
|
||||||||
Segment EBIT |
$ |
148 |
|
$ |
188 |
|
|
$ |
759 |
|
$ |
865 |
|
Mark-to-market timing differences |
|
12 |
|
|
7 |
|
|
|
(20 |
) |
|
1 |
|
Certain (gains) & charges |
|
— |
|
|
17 |
|
|
|
— |
|
|
17 |
|
Adjusted Segment EBIT |
$ |
160 |
|
$ |
212 |
|
|
$ |
739 |
|
$ |
883 |
|
Refined & Specialty Oils Summary
Lower results in
Milling
|
Quarter Ended |
Year Ended |
|||||||||||
(US$ in millions, except per share data) |
Dec 31, 2024 |
Dec 31, 2023 |
Dec 31, 2024 |
Dec 31, 2023 |
|||||||||
Volumes (in thousand metric tons) |
|
897 |
|
|
836 |
|
|
|
3,703 |
|
|
3,391 |
|
|
|
|
|
|
|
||||||||
Net Sales |
$ |
366 |
|
$ |
412 |
|
|
$ |
1,555 |
|
$ |
1,896 |
|
|
|
|
|
|
|
||||||||
Gross Profit |
$ |
49 |
|
$ |
46 |
|
|
$ |
218 |
|
$ |
167 |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expense |
$ |
(23 |
) |
$ |
(25 |
) |
|
$ |
(97 |
) |
$ |
(95 |
) |
|
|
|
|
|
|
||||||||
Other income (expense) - net |
$ |
(2 |
) |
$ |
(2 |
) |
|
$ |
(6 |
) |
$ |
(7 |
) |
|
|
|
|
|
|
||||||||
Segment EBIT |
$ |
23 |
|
$ |
20 |
|
|
$ |
111 |
|
$ |
66 |
|
Mark-to-market timing differences |
|
1 |
|
|
10 |
|
|
|
(18 |
) |
|
19 |
|
Certain (gains) & charges |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Adjusted Segment EBIT |
$ |
24 |
|
$ |
30 |
|
|
$ |
93 |
|
$ |
85 |
|
Milling Summary
Higher results in
Corporate and Other
|
Quarter Ended |
Year Ended |
|||||||||||
(US$ in millions, except per share data) |
Dec 31, 2024 |
Dec 31, 2023 |
Dec 31, 2024 |
Dec 31, 2023 |
|||||||||
Gross Profit |
$ |
(22 |
) |
$ |
(7 |
) |
|
$ |
(29 |
) |
$ |
(18 |
) |
|
|
|
|
|
|
||||||||
Selling, general and administrative expense |
$ |
(164 |
) |
$ |
(172 |
) |
|
$ |
(658 |
) |
$ |
(602 |
) |
|
|
|
|
|
|
||||||||
Foreign exchange gains (losses) - net |
$ |
2 |
|
$ |
7 |
|
|
$ |
5 |
|
$ |
12 |
|
|
|
|
|
|
|
||||||||
Other income (expense) - net |
$ |
9 |
|
$ |
39 |
|
|
$ |
83 |
|
$ |
73 |
|
|
|
|
|
|
|
||||||||
Income (loss) from affiliates |
$ |
— |
|
$ |
— |
|
|
$ |
1 |
|
$ |
(17 |
) |
|
|
|
|
|
|
||||||||
Corporate and Other EBIT |
$ |
(173 |
) |
$ |
(131 |
) |
|
$ |
(594 |
) |
$ |
(548 |
) |
Certain (gains) & charges |
|
59 |
|
|
48 |
|
|
|
244 |
|
|
150 |
|
Adjusted Corporate and Other EBIT |
$ |
(114 |
) |
$ |
(83 |
) |
|
$ |
(350 |
) |
$ |
(398 |
) |
Corporate
|
Quarter Ended |
|
Year Ended |
||||||||||
(US$ in millions) |
Dec 31, 2024 |
Dec 31, 2023 |
|
Dec 31, 2024 |
Dec 31, 2023 |
||||||||
Corporate EBIT |
$ |
(164 |
) |
$ |
(167 |
) |
|
$ |
(626 |
) |
$ |
(548 |
) |
Certain (gains) & charges |
|
59 |
|
|
48 |
|
|
|
244 |
|
|
114 |
|
Adjusted Corporate EBIT |
$ |
(105 |
) |
$ |
(119 |
) |
|
$ |
(382 |
) |
$ |
(434 |
) |
Other
|
Quarter Ended |
|
Year Ended |
|||||||
(US$ in millions) |
Dec 31, 2024 |
Dec 31, 2023 |
|
Dec 31, 2024 |
Dec 31, 2023 |
|||||
Other EBIT |
$ |
(9 |
) |
$ |
36 |
|
$ |
32 |
$ |
— |
Certain (gains) & charges |
|
— |
|
|
— |
|
|
— |
|
36 |
Adjusted Other EBIT |
$ |
(9 |
) |
$ |
36 |
|
$ |
32 |
$ |
36 |
Corporate and Other Summary
The decrease in Corporate expenses was primarily driven by lower performance-based compensation and various project related expenses. Lower Other results were related to our captive insurance and securitization programs and Bunge Ventures.
Non-core Segments
Sugar & Bioenergy
|
Quarter Ended |
|
Year Ended |
||||||||
(US$ in millions, except per share data) |
Dec 31, 2024 |
Dec 31, 2023 |
|
Dec 31, 2024 |
Dec 31, 2023 |
||||||
Net Sales |
$ |
— |
|
$ |
43 |
|
$ |
130 |
|
$ |
235 |
|
|
|
|
|
|
||||||
Gross Profit |
$ |
— |
|
$ |
2 |
|
$ |
3 |
|
$ |
6 |
|
|
|
|
|
|
||||||
Other income (expense) - net |
$ |
196 |
|
$ |
— |
|
$ |
196 |
|
$ |
2 |
|
|
|
|
|
|
||||||
Income (loss) from affiliates |
$ |
10 |
|
$ |
38 |
|
$ |
18 |
|
$ |
157 |
|
|
|
|
|
|
||||||
Segment EBIT |
$ |
206 |
|
$ |
39 |
|
$ |
215 |
|
$ |
164 |
Certain (gains) & charges |
|
(195 |
) |
|
— |
|
|
(195 |
) |
|
— |
Adjusted Segment EBIT |
$ |
11 |
|
$ |
39 |
|
$ |
20 |
|
$ |
164 |
Sugar & Bioenergy Summary
Lower results reflect only one month of income due to the recent sale of our interest in the sugar & bioenergy joint venture.
Cash Flow
|
Year Ended |
|||||
(US$ in millions) |
Dec 31, 2024 |
Dec 31, 2023 |
||||
Cash provided by (used for) operating activities |
$ |
1,900 |
|
$ |
3,308 |
|
Certain reconciling items to Adjusted funds from operations (4) |
|
(218 |
) |
|
(842 |
) |
Adjusted funds from operations (4) |
$ |
1,682 |
|
$ |
2,466 |
|
Cash provided by operations during the year was
Income Taxes
The decrease in income tax expense for both the quarter and full year was primarily due to lower pre-tax income and earnings mix. Adjusting for notable items and mark-to-market timing differences, the full year adjusted effective income tax rate was approximately
- Outlook(6)
Taking into account the current margin and macro environment and forward curves, we are forecasting full-year 2025 adjusted EPS of approximately
In Agribusiness, full-year results are forecasted to be down from last year due to lower results in Processing where higher results in
In Refined and Specialty Oils, full-year results are expected to be down from last year primarily driven by a more balanced supply and demand environment in
In Milling, full-year results are expected to be up from last year.
In Corporate and Other, full-year results are expected to be up from last year.
Additionally, the Company expects the following for 2025: an adjusted annual effective tax rate in the range of
- Conference Call and Webcast Details
Bunge Global SA’s management will host a conference call at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, February 5, 2025 to discuss the Company’s results.
Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com.
To access the webcast, go to “Events and presentations” under “News & Events” in the “Investor Center” section of the Company’s website. Select “Q4 2024 Bunge Global SA Conference Call” and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software.
To listen to the call, please dial 1 (844) 735-3666. If you are located outside
A replay of the call will be available later in the day on February 5, 2025, continuing through March 5, 2025. To listen to it, please dial 1 (877) 344-7529 in
- About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in
- Website Information
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases,
- Cautionary Statement Concerning Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements:
-
the impact on our employees, operations, and facilities from the war in
Ukraine and the resulting economic and other sanctions imposed onRussia , including the impact on us resulting from the continuation and/or escalation of the war and sanctions againstRussia ; - the effect of weather conditions and the impact of crop and animal disease on our business;
- the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions;
- changes in government policies and laws affecting our business, including agricultural and trade policies, financial markets regulation and environmental, tax and biofuels regulation;
- the impact of seasonality;
- the impact of government policies and regulations;
- the outcome of pending regulatory and legal proceedings;
- our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s pending business combination with Viterra Limited (“Viterra”);
- the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries;
- the effectiveness of our capital allocation plans, funding needs and financing sources;
- the effectiveness of our risk management strategies;
- operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents;
- changes in foreign exchange policy or rates;
- the impact of our dependence on third parties;
- our ability to attract and retain executive management and key personnel; and
- other factors affecting our business generally.
The forward looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.
You should refer to "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024.
- Additional Financial Information
Certain gains and (charges), quarter-to-date
The following tables provide a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the three month periods ended December 31, 2024 and 2023.
(US$ in millions, except per share data) |
Net Income (Loss)
|
Earnings
|
EBIT |
|||||||||||||||
Quarter Ended December 31, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
||||||||||||
Core Segments: |
$ |
5 |
|
$ |
(40 |
) |
$ |
0.03 |
|
$ |
(0.27 |
) |
$ |
6 |
|
$ |
(54 |
) |
Agribusiness |
$ |
5 |
|
$ |
(28 |
) |
$ |
0.03 |
|
$ |
(0.19 |
) |
$ |
6 |
|
$ |
(37 |
) |
Ukraine-Russia War |
|
5 |
|
|
— |
|
|
0.03 |
|
|
— |
|
|
6 |
|
|
— |
|
Fixed asset impairment |
|
— |
|
|
(28 |
) |
|
— |
|
|
(0.19 |
) |
|
— |
|
|
(37 |
) |
|
|
|
|
|
|
|
||||||||||||
Refined and Specialty Oils |
$ |
— |
|
$ |
(12 |
) |
$ |
— |
|
$ |
(0.08 |
) |
$ |
— |
|
$ |
(17 |
) |
Discontinued trademarks |
|
— |
|
|
(12 |
) |
|
— |
|
|
(0.08 |
) |
|
— |
|
|
(17 |
) |
|
|
|
|
|
|
|
||||||||||||
Milling |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
||||||||||||
Corporate and Other: |
$ |
(58 |
) |
$ |
(49 |
) |
$ |
(0.41 |
) |
$ |
(0.33 |
) |
$ |
(59 |
) |
$ |
(48 |
) |
Acquisition and integration costs |
|
(58 |
) |
|
(49 |
) |
|
(0.41 |
) |
|
(0.33 |
) |
|
(59 |
) |
|
(48 |
) |
|
|
|
|
|
|
|
||||||||||||
Non-core Segment: |
$ |
188 |
|
$ |
— |
|
$ |
1.36 |
|
$ |
— |
|
$ |
195 |
|
$ |
— |
|
Sugar & Bioenergy |
$ |
188 |
|
$ |
— |
|
$ |
1.36 |
|
$ |
— |
|
$ |
195 |
|
$ |
— |
|
Gain on sale of equity method investment |
|
188 |
|
|
— |
|
|
1.36 |
|
|
— |
|
|
195 |
|
|
— |
|
|
|
|
|
|
|
|
||||||||||||
Total |
$ |
135 |
|
$ |
(89 |
) |
$ |
0.98 |
|
$ |
(0.60 |
) |
$ |
142 |
|
$ |
(102 |
) |
See Definition and Reconciliation of Non-GAAP Measures. |
||||||||||||||||||
Core Segments
Agribusiness
EBIT for the quarter ended December 31, 2024 included
EBIT for the quarter ended December 31, 2023 included a
Refined and Specialty Oils
EBIT for the quarter ended December 31, 2023 included accelerated amortization charges of
Corporate and Other
The following is a summary of acquisition and integration costs related to the announced business combination agreement with Viterra recorded in the Company's Consolidated Statements of Income (Loss).
|
Quarter Ended December 31, |
|||||
(US$ in millions) |
|
2024 |
|
|
2023 |
|
Selling, general and administrative expenses |
$ |
(47 |
) |
$ |
(48 |
) |
Interest expense |
|
(4 |
) |
|
(4 |
) |
Other income (expense) — net |
|
(12 |
) |
|
— |
|
Income tax (expense) benefit |
|
5 |
|
|
3 |
|
Net income (loss) |
$ |
(58 |
) |
$ |
(49 |
) |
Non-core Segment
Sugar & Bioenergy
EBIT for the quarter ended December 31, 2024 included a
Certain gains and (charges), year-to-date
The following tables provide a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the years ended December 31, 2024 and 2023.
(US$ in millions, except per share data) |
Net Income (Loss)
|
Earnings
|
EBIT |
|||||||||||||||
Year Ended December 31, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
||||||||||||
Core Segments: |
$ |
(14 |
) |
$ |
(15 |
) |
$ |
(0.10 |
) |
$ |
(0.10 |
) |
$ |
(13 |
) |
$ |
(25 |
) |
Agribusiness |
$ |
(14 |
) |
$ |
(3 |
) |
$ |
(0.10 |
) |
$ |
(0.02 |
) |
$ |
(13 |
) |
$ |
(8 |
) |
Impairment of equity method investment |
|
(19 |
) |
|
— |
|
|
(0.13 |
) |
|
— |
|
|
(19 |
) |
|
— |
|
Ukraine-Russia War |
|
5 |
|
|
25 |
|
|
0.03 |
|
|
0.17 |
|
|
6 |
|
|
29 |
|
Fixed asset impairment |
|
— |
|
|
(28 |
) |
|
— |
|
|
(0.19 |
) |
|
— |
|
|
(37 |
) |
|
|
|
|
|
|
|
||||||||||||
Refined and Specialty Oils |
$ |
— |
|
$ |
(12 |
) |
$ |
— |
|
$ |
(0.08 |
) |
$ |
— |
|
$ |
(17 |
) |
Discontinued trademarks |
|
— |
|
|
(12 |
) |
|
— |
|
|
(0.08 |
) |
|
— |
|
|
(17 |
) |
|
|
|
|
|
|
|
||||||||||||
Milling |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
||||||||||||
Corporate and Other: |
$ |
(243 |
) |
$ |
(158 |
) |
$ |
(1.70 |
) |
$ |
(1.05 |
) |
$ |
(244 |
) |
$ |
(150 |
) |
Acquisition and integration costs |
|
(243 |
) |
|
(122 |
) |
|
(1.70 |
) |
|
(0.81 |
) |
|
(244 |
) |
|
(114 |
) |
Impairment of equity method and other investments |
|
— |
|
|
(36 |
) |
|
— |
|
|
(0.24 |
) |
|
— |
|
|
(36 |
) |
|
|
|
|
|
|
|
||||||||||||
Non-core Segment: |
$ |
188 |
|
$ |
— |
|
$ |
1.32 |
|
$ |
— |
|
$ |
195 |
|
$ |
— |
|
Sugar & Bioenergy |
$ |
188 |
|
$ |
— |
|
$ |
1.32 |
|
$ |
— |
|
$ |
195 |
|
$ |
— |
|
Gain on sale of equity method investment |
|
188 |
|
|
— |
|
|
1.32 |
|
|
— |
|
|
195 |
|
|
— |
|
|
|
|
|
|
|
|
||||||||||||
Total |
$ |
(69 |
) |
$ |
(173 |
) |
$ |
(0.48 |
) |
$ |
(1.15 |
) |
$ |
(62 |
) |
$ |
(175 |
) |
See Definition and Reconciliation of Non-GAAP Measures. |
||||||||||||||||||
Core Segments
Agribusiness
EBIT for the year ended December 31, 2024 included a
EBIT for the year ended December 31, 2024 included
EBIT for the year ended December 31, 2023 included mark-to-market gain of
EBIT for the year ended December 31, 2023 included a
Refined and Specialty Oils
EBIT for the year ended December 31, 2023 included accelerated amortization charges of
Corporate and Other
The following is a summary of acquisition and integration costs related to the announced business combination agreement with Viterra recorded in the Company's Consolidated Statements of Income (Loss).
|
Year Ended December 31, |
|||||
(US$ in millions) |
|
2024 |
|
|
2023 |
|
Cost of goods sold |
$ |
(5 |
) |
$ |
— |
|
Selling, general and administrative expenses |
|
(227 |
) |
|
(114 |
) |
Interest expense |
|
(17 |
) |
|
(16 |
) |
Other income (expense) — net |
|
(12 |
) |
|
— |
|
Income tax (expense) benefit |
|
18 |
|
|
8 |
|
Net income (loss) |
$ |
(243 |
) |
$ |
(122 |
) |
EBIT for the year ended December 31, 2023 included a
EBIT for the year ended December 31, 2023 included a
Non-core Segment
Sugar & Bioenergy
EBIT for the year ended December 31, 2024 included a
-
Consolidated Earnings Data (Unaudited)
|
Quarter Ended
|
|
Year Ended
|
||||||||||
(US$ in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Net sales |
$ |
13,542 |
|
$ |
14,936 |
|
|
$ |
53,108 |
|
$ |
59,540 |
|
Cost of goods sold |
|
(12,461 |
) |
|
(13,682 |
) |
|
|
(49,715 |
) |
|
(54,695 |
) |
Gross profit |
|
1,081 |
|
|
1,254 |
|
|
|
3,393 |
|
|
4,845 |
|
Selling, general and administrative expenses |
|
(451 |
) |
|
(495 |
) |
|
|
(1,776 |
) |
|
(1,715 |
) |
Foreign exchange (losses) gains - net |
|
(88 |
) |
|
84 |
|
|
|
(189 |
) |
|
20 |
|
Other income (expense) – net |
|
230 |
|
|
94 |
|
|
|
442 |
|
|
129 |
|
Income (loss) from affiliates |
|
20 |
|
|
57 |
|
|
|
(38 |
) |
|
140 |
|
EBIT attributable to noncontrolling interest (a) (1) |
|
(25 |
) |
|
(43 |
) |
|
|
(40 |
) |
|
(86 |
) |
Total EBIT |
|
767 |
|
|
951 |
|
|
|
1,792 |
|
|
3,333 |
|
Interest income |
|
51 |
|
|
27 |
|
|
|
163 |
|
|
148 |
|
Interest expense |
|
(113 |
) |
|
(142 |
) |
|
|
(471 |
) |
|
(516 |
) |
Income tax (expense) benefit |
|
(100 |
) |
|
(219 |
) |
|
|
(336 |
) |
|
(714 |
) |
Noncontrolling interest share of interest and tax (a) (1) |
|
(3 |
) |
|
(1 |
) |
|
(11 |
) |
|
(8 |
) |
|
Net income (loss) attributable to Bunge (1) |
$ |
602 |
|
$ |
616 |
$ |
1,137 |
|
$ |
2,243 |
|
||
|
|
||||||||||||
Net income (loss) attributable to Bunge shareholders - diluted (7) |
$ |
4.36 |
|
$ |
4.18 |
|
|
$ |
7.99 |
|
$ |
14.87 |
|
Weighted–average shares outstanding - diluted (7) |
|
138 |
|
147 |
|
142 |
|
151 |
|||||
(a) The line items "EBIT attributable to noncontrolling interest" and "Noncontrolling interest share of interest and tax" when combined, represent consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests on a |
-
Condensed Consolidated Balance Sheets (Unaudited)
December 31, |
||||
(US$ in millions) |
|
2024 |
|
2023 |
Assets |
|
|
||
Cash and cash equivalents |
$ |
3,311 |
$ |
2,602 |
Trade accounts receivable, net |
|
2,148 |
|
2,592 |
Inventories (a) |
|
6,491 |
|
7,105 |
Other current assets |
|
4,008 |
|
4,051 |
Total current assets |
|
15,958 |
|
16,350 |
Property, plant and equipment, net |
|
5,254 |
|
4,541 |
Operating lease assets |
|
932 |
|
926 |
Goodwill and other intangible assets, net |
|
774 |
|
887 |
Investments in affiliates |
|
779 |
|
1,280 |
Other non-current assets |
|
1,202 |
|
1,388 |
Total assets |
$ |
24,899 |
$ |
25,372 |
|
|
|
||
Liabilities and Equity |
|
|
||
Short-term debt |
$ |
875 |
$ |
797 |
Current portion of long-term debt |
|
669 |
|
5 |
Trade accounts payable |
|
2,777 |
|
3,664 |
Current operating lease obligations |
|
286 |
|
308 |
Other current liabilities |
|
2,828 |
|
2,913 |
Total current liabilities |
|
7,435 |
|
7,687 |
Long-term debt |
|
4,694 |
|
4,080 |
Non-current operating lease obligations |
|
595 |
|
566 |
Other non-current liabilities |
|
1,226 |
|
1,224 |
Total liabilities |
|
13,950 |
|
13,557 |
Redeemable noncontrolling interest |
|
4 |
|
1 |
Total equity |
|
10,945 |
|
11,814 |
Total liabilities, redeemable noncontrolling interest and equity |
$ |
24,899 |
$ |
25,372 |
(a) Includes RMI of |
-
Condensed Consolidated Statements of Cash Flows (Unaudited)
Year Ended December 31, |
||||||
(US$ in millions) |
|
2024 |
|
2023 |
||
Operating Activities |
|
|
||||
Net income (loss) (1) |
$ |
1,188 |
|
$ |
2,337 |
|
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: |
|
|
||||
Impairment charges |
|
41 |
|
|
104 |
|
Foreign exchange (gain) loss on net debt |
|
174 |
|
|
(281 |
) |
Share-based compensation expense |
|
65 |
|
|
69 |
|
Depreciation, depletion and amortization |
|
468 |
|
|
451 |
|
Deferred income tax expense (benefit) |
|
(10 |
) |
|
(1 |
) |
Gain on sale of investments and property, plant and equipment |
|
(205 |
) |
|
(4 |
) |
Results from affiliates |
|
19 |
|
|
(157 |
) |
Other, net |
|
65 |
|
|
117 |
|
Changes in operating assets and liabilities, excluding the effects of acquisitions: |
|
|
||||
Trade accounts receivable |
|
169 |
|
|
256 |
|
Inventories |
|
96 |
|
|
1,518 |
|
Secured advances to suppliers |
|
207 |
|
|
(121 |
) |
Trade accounts payable and accrued liabilities |
|
(538 |
) |
|
(939 |
) |
Advances on sales |
|
51 |
|
|
(140 |
) |
Net unrealized (gain) loss on derivative contracts |
|
262 |
|
|
(366 |
) |
Margin deposits |
|
36 |
|
|
173 |
|
Recoverable and income taxes, net |
|
(242 |
) |
|
202 |
|
Marketable securities |
|
(36 |
) |
|
23 |
|
Other, net |
|
90 |
|
|
67 |
|
Cash provided by (used for) operating activities |
|
1,900 |
|
|
3,308 |
|
Investing Activities |
|
|
||||
Payments made for capital expenditures |
|
(1,376 |
) |
|
(1,122 |
) |
Proceeds from investments |
|
887 |
|
|
49 |
|
Payments for investments |
|
(1,285 |
) |
|
(69 |
) |
Settlement of net investment hedges |
|
71 |
|
|
(64 |
) |
Proceeds from beneficial interest in securitized trade receivables |
|
— |
|
|
87 |
|
Proceeds from sales of businesses and property, plant, and equipment |
|
8 |
|
|
170 |
|
Payments for investments in affiliates |
|
(61 |
) |
|
(136 |
) |
Proceeds from sale of investments in affiliates |
|
728 |
|
|
— |
|
Other, net |
|
(86 |
) |
|
76 |
|
Cash provided by (used for) investing activities |
|
(1,114 |
) |
|
(1,009 |
) |
Financing Activities |
|
|
||||
Net proceeds (repayments) of short-term debt |
|
124 |
|
|
398 |
|
Net proceeds (repayments) of long-term debt |
|
1,292 |
|
|
(168 |
) |
Debt issuance costs |
|
(24 |
) |
|
(30 |
) |
Repurchases of registered or common shares |
|
(1,100 |
) |
|
(600 |
) |
Dividends paid to registered or common shareholders |
|
(378 |
) |
|
(383 |
) |
Contributions from (Return of capital to) noncontrolling interest |
|
53 |
|
|
56 |
|
Settlement of cross currency swap |
|
— |
|
|
(79 |
) |
Other, net |
|
(57 |
) |
|
(50 |
) |
Cash provided by (used for) financing activities |
|
(90 |
) |
|
(856 |
) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash |
|
9 |
|
|
28 |
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
705 |
|
|
1,471 |
|
Cash and cash equivalents, and restricted cash - beginning of period |
|
2,623 |
|
|
1,152 |
|
Cash and cash equivalents, and restricted cash - end of period |
$ |
3,328 |
|
$ |
2,623 |
|
- Definition and Reconciliation of Non-GAAP Measures
This earnings release contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable
Total EBIT and Adjusted Total EBIT
Bunge uses earnings before interest and tax (“EBIT”) to evaluate the operating performance of its individual reportable segments as well as Corporate and Other results. Total EBIT excludes EBIT attributable to noncontrolling interests. Bunge also uses Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT and Total EBIT to evaluate the operating performance of Bunge’s Core reportable segments, Non-core reportable segments and Total reportable segments together with Corporate and Other activities. Core Segment EBIT is the aggregate of the earnings before interest and taxes of each of Bunge’s Agribusiness, Refined and Specialty Oils, and Milling segments. Non-core Segment EBIT is the earnings before interest and taxes of Bunge’s Sugar & Bioenergy segment. Total EBIT is the aggregate of the earnings before interest and taxes of Bunge’s Core and Non-core reportable segments, together with its Corporate and Other activities.
Adjusted Core Segment EBIT, Adjusted Non-Core Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total EBIT, are calculated by excluding temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in "Additional Financial Information" above, from Core Segment EBIT, Non-Core Segment EBIT, Corporate and Other EBIT, and Total EBIT, respectively.
Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, Total EBIT, Adjusted Core Segment EBIT, Adjusted Non-core Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total EBIT are non-GAAP financial measures and are not intended to replace Net income (loss) attributable to Bunge, the most directly comparable
Net income (loss) attributable to Bunge to Adjusted Net income (loss) attributable to Bunge
Adjusted Net Income (loss) excludes temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in "Additional Financial Information" above, and is a non-GAAP financial measure. This measure is not a measure of Net income (loss) attributable to Bunge, the most directly comparable
We also have presented projected Adjusted Net income per share for 2025. This information is provided only on a non-GAAP basis without reconciliation to projected Net Income per share for 2025, the most directly comparable
Below is a reconciliation of Net income (loss) attributable to Bunge, to Total EBIT, and Adjusted Total EBIT:
|
Quarter Ended
|
|
Year Ended
|
||||||||||
(US$ in millions) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Net income (loss) attributable to Bunge |
$ |
602 |
|
$ |
616 |
|
|
$ |
1,137 |
|
$ |
2,243 |
|
Interest income |
|
(51 |
) |
|
(27 |
) |
|
|
(163 |
) |
|
(148 |
) |
Interest expense |
|
113 |
|
|
142 |
|
|
|
471 |
|
|
516 |
|
Income tax expense (benefit) |
|
100 |
|
|
219 |
|
|
|
336 |
|
|
714 |
|
Noncontrolling interest share of interest and tax |
|
3 |
|
|
1 |
|
|
|
11 |
|
|
8 |
|
Total EBIT |
$ |
767 |
|
$ |
951 |
|
|
$ |
1,792 |
|
$ |
3,333 |
|
|
|
|
|
|
|
||||||||
Agribusiness EBIT |
$ |
563 |
|
$ |
835 |
|
|
$ |
1,301 |
|
$ |
2,786 |
|
Refined and Specialty Oils EBIT |
|
148 |
|
|
188 |
|
|
|
759 |
|
|
865 |
|
Milling EBIT |
|
23 |
|
|
20 |
|
|
|
111 |
|
|
66 |
|
Core Segment EBIT |
$ |
734 |
|
$ |
1,043 |
|
|
$ |
2,171 |
|
$ |
3,717 |
|
|
|
|
|
|
|
||||||||
Corporate and Other EBIT |
$ |
(173 |
) |
$ |
(131 |
) |
|
$ |
(594 |
) |
$ |
(548 |
) |
|
|
|
|
|
|
||||||||
Sugar & Bioenergy EBIT |
$ |
206 |
|
$ |
39 |
|
|
$ |
215 |
|
$ |
164 |
|
Non-core Segment EBIT |
$ |
206 |
|
$ |
39 |
|
|
$ |
215 |
|
$ |
164 |
|
|
|
|
|
|
|
||||||||
Total EBIT |
$ |
767 |
|
$ |
951 |
|
|
$ |
1,792 |
|
$ |
3,333 |
|
Mark-to-market timing differences |
|
(180 |
) |
|
(216 |
) |
|
|
163 |
|
|
(477 |
) |
Certain (gains) & charges |
|
(142 |
) |
|
102 |
|
|
|
62 |
|
|
175 |
|
Adjusted Total EBIT |
$ |
445 |
|
$ |
837 |
|
|
$ |
2,017 |
|
$ |
3,031 |
|
Below is a reconciliation of Net income (loss) attributable to Bunge, to Adjusted Net income (loss) attributable to Bunge:
|
Quarter Ended
|
|
Year Ended
|
||||||||||
(US$ in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Net income (loss) attributable to Bunge |
$ |
602 |
|
$ |
616 |
|
|
$ |
1,137 |
|
$ |
2,243 |
|
Adjustment for Mark-to-market timing difference |
|
(172 |
) |
|
(160 |
) |
|
|
102 |
|
|
(356 |
) |
Adjusted for certain (gains) and charges: |
|
|
|
|
|
||||||||
Gain on sale of equity method investment |
|
(188 |
) |
|
— |
|
|
|
(188 |
) |
|
— |
|
Acquisition and integration costs |
|
58 |
|
|
49 |
|
|
|
243 |
|
|
122 |
|
Impairment of equity method and other investments |
|
— |
|
|
— |
|
|
|
19 |
|
|
36 |
|
|
|
(5 |
) |
|
— |
|
|
|
(5 |
) |
|
(25 |
) |
Fixed asset impairment |
|
— |
|
|
28 |
|
|
|
— |
|
|
28 |
|
Discontinued trademarks |
|
— |
|
|
12 |
|
|
|
— |
|
|
12 |
|
Adjusted Net income (loss) attributable to Bunge (a) |
$ |
295 |
|
$ |
545 |
|
|
$ |
1,308 |
|
$ |
2,060 |
|
Weighted-average shares outstanding - diluted (b) (7) |
|
138 |
|
|
147 |
|
|
|
142 |
|
|
151 |
|
Adjusted Net income (loss) per share - diluted (7) |
$ |
2.13 |
|
$ |
3.70 |
|
|
$ |
9.19 |
|
$ |
13.66 |
|
(a) As of July 1, 2024, Bunge changed its methodology for calculating non-GAAP interim period Adjusted Effective Tax Rate (“Adjusted ETR”), including quarter ended December 31, 2024 results. This change has no impact on Bunge’s methodology for calculating the non-GAAP forecasted and actual annual Adjusted ETR. Therefore, the change had no impact to the year ended December 31, 2024 results. Management believes this methodology is better aligned to interim period US GAAP ETR calculations and reporting, and represents an improvement over the prior method, which calculated tax on items excluded from Adjusted Net Income (loss) attributable to Bunge on a discrete basis in each interim period. |
(b) There were less than 1 million anti-dilutive outstanding contingently issuable restricted stock units excluded from the weighted-average number of shares outstanding for the quarters and years ended December 31, 2024 and 2023. |
Adjusted Funds From Operations
Adjusted FFO is calculated by excluding from Cash provided by (used for) operating activities, foreign exchange gain (loss) on net debt, working capital changes, net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests, and mark-to-market timing differences after tax. Adjusted FFO is a non-GAAP financial measure and is not intended to replace Cash provided by (used for) operating activities, the most directly comparable
Adjusted Effective Income Tax Rate
Adjusted effective income tax rate is calculated by adding or deducting from effective income tax rate the income tax effect of the non-GAAP adjustments made to Net income (loss) attributable to Bunge used to calculate Adjusted net income (loss) attributable to Bunge; see “Net income (loss) attributable to Bunge to Adjusted Net Income (loss) attributable to Bunge” above. These non-GAAP adjustments are presented on a pre-tax basis. Adjusted effective income tax rate is a non-GAAP financial measure and is not intended to replace effective income tax rate, the most directly comparable
- Notes
(1) |
|
A reconciliation of Net income (loss) attributable to Bunge, to Net income (loss) is as follows: |
|
Quarter ended
|
|
Year Ended
|
||||||
(US$ in millions) |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
Net income (loss) attributable to Bunge |
$ |
602 |
$ |
616 |
|
$ |
1,137 |
$ |
2,243 |
EBIT attributable to noncontrolling interest |
|
25 |
|
43 |
|
|
40 |
|
86 |
Noncontrolling interest share of interest and tax |
|
3 |
|
1 |
|
|
11 |
|
8 |
Net income (loss) |
$ |
630 |
$ |
660 |
|
$ |
1,188 |
$ |
2,337 |
(2) |
|
The Processing business included in our Agribusiness segment consists of: global oilseed processing activities, which principally include the origination and crushing of oilseeds (including soybeans, canola, rapeseed and sunflower seed) into protein meals and vegetable oils; the distribution of oilseeds, oilseed products and fertilizer products through our port terminals and transportation assets (including trucks, railcars, barges and ocean vessels); fertilizer production; and biodiesel production, which is partially conducted through joint ventures. |
|
|
The Merchandising business included in our Agribusiness segment primarily consists of: global grain origination activities, which principally include the purchasing, cleaning, drying, storing and handling of corn, wheat and barley at our network of grain elevators; global trading and distribution of grains and oils; logistical services for the distribution of these commodities to our customer markets through our port terminals and transportation assets (including trucks, railcars, barges and ocean vessels); and financial services and activities for customers from whom we purchase commodities, and other third parties. |
(3) |
|
Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of certain forward contracts, RMI, and related futures contracts associated with our committed future operating capacity and sales. The impact of these mark-to-market timing differences, which is expected to reverse over time due to the forward contracts, RMI, and related futures contracts being part of an economically-hedged position, is not representative of the operating performance of our business. |
(4) |
|
A reconciliation of Cash provided by (used for) operating activities to Adjusted funds from operations (FFO) is as follows: |
|
Year Ended December 31, |
|||||
(US$ in millions) |
|
2024 |
|
2023 |
|
|
Cash provided by (used for) operating activities |
$ |
1,900 |
|
$ |
3,308 |
|
Foreign exchange gain (loss) on net debt |
|
(174 |
) |
|
281 |
|
Working capital changes |
|
(95 |
) |
|
(673 |
) |
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests |
|
(51 |
) |
|
(94 |
) |
Mark-to-market timing difference, after tax |
|
102 |
|
|
(356 |
) |
Adjusted FFO |
$ |
1,682 |
|
$ |
2,466 |
|
(5) |
|
A reconciliation of the |
|
Year Ended December 31, |
|||
(US$ in millions) |
2024 |
|
2023 |
|
|
22.1 |
% |
23.4 |
% |
Impact of noncontrolling interest |
0.4 |
% |
0.6 |
% |
|
22.5 |
% |
24.0 |
% |
Impact of Mark-to-market timing differences |
1.5 |
% |
(0.4 |
)% |
Impact of Certain gains and (charges) |
(0.6 |
)% |
(0.9 |
)% |
Adjusted effective income tax rate |
23.4 |
% |
22.7 |
% |
(6) |
|
We have not presented a comparable |
(7) |
|
On November 1, 2023, Bunge Global SA completed the change of its jurisdiction of incorporation of its group holding company from |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250205763126/en/
Investor Contact:
Ruth Ann Wisener
Bunge Global SA
636-292-3014
ruthann.wisener@bunge.com
Media Contact:
Bunge News Bureau
Bunge Global SA
636-292-3022
news@bunge.com
Source: Bunge Global SA
FAQ
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