Bunge ( NYSE: BG ) shares rose modestly after the company reported a big beat on top and bottom lines and raised its full-year outlook.
For the third quarter, the company notched $3.45 in non-GAAP EPS and $16.76B in revenue. Those figures came $0.90 and $1.03B above Wall Street expectations, respectively. Management credited strong performance in agribusiness and refined and specialty oils for the results.
"We are investing in our core oilseed business as well as the growing opportunities in specialty fats and oils, renewable feedstocks and plant-based proteins,” CEO Greg Heckman said. “We remain confident in our business and our team’s ability to create value for the long term.”
On that confidence, the company raised its full-year EPS outlook to “at least $13.50” as both agribusiness and refined and specialty oils are expected to increase from the previous outlook and trend “significantly higher than last year.”
Elsewhere, the company noted that it repurchased $200M shares during the third quarter.
Shares of Bunge ( BG ) rose 0.58% shortly after the results were posted, figuring to add to a double-digit bump for the stock in the past month.
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Bunge posts healthy earnings beat, boosts full-year profit outlook