Bunge tops Q3 profit estimates, keeps 2026 forecast

Bunge Global SA (BG) said on Oct. 29 that its third-quarter adjusted earnings were $2.56 per share, topping the $2.50 consensus estimate compiled by Finnhub. Revenue was $23.80 billion, in line with the $23.86 billion estimate.

Here's how the company did:

• Adjusted EPS: $2.56 vs. $2.27 a year earlier, $2.50 expected according to Finnhub
• GAAP diluted EPS from continuing operations: $1.64 vs. $0.86 a year earlier
• Revenue: $23.80 billion vs. $22.16 billion a year earlier, $23.86 billion expected according to Finnhub
• Net income attributable to Bunge: $318 million vs. $166 million a year earlier

The company said the quarter benefited from continued strength in its Soybean Processing and Refining and Softseed Processing and Refining segments. Those two segments drove the improvement, according to the release.

Segment EBIT rose to $839 million from $671 million a year earlier. Adjusted Segment EBIT was $997 million, up from $924 million.

Bunge also said it began production at its new oilseed processing line in Destrehan, La., operated with Chevron Ag Renewables, after the quarter ended.

Greg Heckman, CEO of Bunge, said: "Our team delivered a strong third quarter, demonstrating disciplined execution and the strength of the resilient, diversified business we've built." He added that the company continued to advance Viterra-related synergies and its growth investments.

Guidance

Bunge maintained its full-year 2026 adjusted EPS outlook of $9.25 to $9.75. In its previous results release on Jul. 29, the company had raised that range from $9.00 to $9.50.

The company said that, compared with its previous full-year outlook, Soybean Processing and Refining results are now expected to be slightly lower. Tropical Oils and Specialty Ingredients results are now expected to be lower, and Grain Merchandising and Milling results are now expected to be higher. Softseed Processing and Refining and Corporate and Other results are unchanged.

For 2026, the company now expects an adjusted annual effective tax rate of 23% to 25%, compared with its previous range of 22% to 26%. It expects net interest expense of $640 million to $670 million, up from $620 million to $660 million. Capital expenditures are expected toward the higher end of the $1.5 billion to $1.7 billion range, and depreciation and amortization of approximately $975 million.

Segment results

Grain Merchandising and Milling Segment EBIT was a loss of $74 million, compared with $21 million a year earlier. Adjusted Segment EBIT was $87 million, down from $120 million.

The company said the segment's charges included $82 million tied to the announced sale of two sugarcane mills in Brazil, including $66 million of impairment charges and $16 million of hedge losses.

Tropical Oils and Specialty Ingredients Segment EBIT was $13 million, down from $77 million. The company said results were lower in North America, Europe and Asia, mainly because of near-term margin effects from geopolitical trade disruptions and plant commissioning costs.

Costs and charges

Certain gains and charges totaled $113 million in the quarter, compared with $108 million a year earlier. Acquisition and integration costs related to Viterra were $21 million.

The company also recorded $10 million of charges in its Softseed segment tied to the Ukraine-Russia war, mainly from inventory damage, and $13 million of income tax expense from deferred tax valuation allowances linked to the same war.

Cash used for operating activities was $2.30 billion in the first nine months of 2026, compared with $503 million a year earlier. Adjusted funds from operations were $2.01 billion, up from $1.18 billion.

The company said the increase in cash used for operations was primarily driven by working capital changes.