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Bunge Global SA (NYSE: BG) is a leading global agribusiness and food company, with a strong presence in over 40 countries and employing approximately 35,000 people. Founded in 1818 and headquartered in White Plains, New York, Bunge operates at every stage of the food production chain. The company specializes in buying, selling, storing, and transporting oilseeds and grains to meet the needs of customers worldwide.
Bunge processes oilseeds to produce protein meal for animal feed and edible oil products for both commercial customers and consumers. The company is also engaged in the production of sugar and ethanol from sugarcane, as well as milling wheat, corn, and rice to create ingredients for food companies. Additionally, Bunge is a significant seller of fertilizer in South America.
The company operates through several segments, including Agribusiness, Refined and Specialty Oils, Milling, Sugar and Bioenergy, and Corporate and Other. The Agribusiness segment generates the majority of Bunge's revenue and includes activities related to oilseed and grain processing. By leveraging its extensive global network and state-of-the-art facilities, Bunge ensures the efficient transportation and processing of agricultural commodities.
In recent developments, Bunge has partnered with ag-tech start-up WeedOut, Ltd., through its investment arm, Bunge Ventures. WeedOut specializes in developing green solutions to combat herbicide-resistant weeds, an issue posing a significant threat to agriculture and food security worldwide. This collaboration aims to enhance crop yields and reduce reliance on chemical herbicides.
With a commitment to sustainability and innovation, Bunge continues to play a crucial role in connecting farmers to consumers, delivering essential food, feed, and fuel to a growing global population.
Bunge Global SA (NYSE: BG) reported Q2 2024 results with GAAP diluted EPS of $0.48 vs. $4.09 in the prior year, and adjusted EPS of $1.73 vs. $3.72. Lower Agribusiness results reflect a more balanced global supply environment. Refined and Specialty Oils performed well but were down from a strong prior year. The company is making progress on Viterra integration planning and other strategic priorities, including the announced sale of its interest in the sugar & bioenergy joint venture. Bunge updated its adjusted full-year EPS outlook to approximately $9.25. CEO Greg Heckman noted improved market conditions in some regions but visibility into the latter part of the year. The company remains well-positioned to connect farmers to consumers and deliver essential food, feed, and fuel globally.
Bunge Global SA (NYSE: BG) will release its Q2 2024 earnings on July 31, 2024, before the market opens. Management will discuss the results via a conference call at 7:00 a.m. Central Time, accompanied by a slide presentation available on Bunge's website under the 'Investor Center' section. To access the webcast, visit the 'Events & Presentations' section, select the 'Q2 2024 Bunge Global SA Conference Call,' and follow the prompts. Call-in options are provided for listeners within and outside the United States. A replay of the call will be available from July 31, 2024, to August 30, 2024.
Bunge Global SA (NYSE: BG) has agreed to sell its 50% stake in BP Bunge Bioenergia to its joint venture partner, bp. The joint venture, established in 2019, integrates both companies' bioenergy and sugarcane ethanol operations across 11 mills in Brazil. The sale is expected to complete in Q4 2024, with bp assuming full ownership. This transaction aligns with Bunge's strategic focus on core businesses and aims to bolster its balance sheet, potentially generating around $800 million in net proceeds. The deal is pending customary regulatory approvals. J.P. Morgan serves as Bunge's financial advisor, and Tauil & Chequer Advogados associated with Mayer Brown is its legal counsel.
Bunge (NYSE: BG) and Bangkok Produce Merchandising Public Company (BKP), a subsidiary of Charoen Pokphand Foods (CPF), have tested a blockchain traceability solution to ensure deforestation-free soybean meal shipments from Brazil to Thailand.
Three shipments, totaling 185,000 metric tons, have been successfully traced, with three more expected by July 2024. The blockchain platform tracks soybeans from farm origin to final delivery, ensuring compliance with socio-environmental protocols and offering details on carbon footprint and regenerative practices.
This initiative supports CP Foods' goal of 100% deforestation-free supply chains by 2025 and enhances consumer confidence through increased transparency. The partnership, initiated in October 2023, aims to automate supplier management and socio-environmental monitoring.
Shareholders of Bunge Global SA (NYSE: BG) approved a quarterly cash dividend of $2.72 per share at the 2024 Annual General Meeting in Switzerland. The dividend will be distributed in four equal installments of $0.68 each, with payment dates on June 3, 2024, September 2, 2024, December 2, 2024, and March 4, 2025. The record dates for these payments are May 20, 2024, August 19, 2024, November 18, 2024, and February 18, 2025, respectively.
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