The following is a summary of the Bunge Global SA (BG) Q3 2023 Earnings Call Transcript:

Financial Performance:

• Bunge's reported Q1 EPS was $1.68, a decline from Q4 2023 EPS of $4.15 due to timing issues with mark-to-market and Viterra transaction costs.

• The company's adjusted core EBIT in Q1 2023 was $719 million, compared to $756 million in Q4 2023.

• Bunge continues to anticipate a full-year adjusted EPS of approximately $9 in 2024.

• In Q1 2023, Bunge's committed credit facilities amounted to around $8.7 billion, fully unused, with an additional $8 billion in term-loan commitments secured for the Viterra transaction.

• The company repurchased $400 million worth of its shares and projects an adjusted annual effective tax rate of 22%-25% for FY 2024.

Business Progress:

• Bunge is making progress on the integration of Viterra, with the transaction set to close mid-year, alongside growth projects mainly in the renewable fuels sector.

• The company is establishing an edible oil refinery in India to improve customer service efficiency in its food segment in the region.

• Bunge is waiting for regulatory clearance from 13 jurisdictions for an undisclosed transaction, with approvals already from 28 countries.

• The firm's pilot winter canola cover crop trials have shown promising results, with plans to scale up in the future.

• Q2 softness due to income being pulled forward is expected to rebound in Q4, driven by soybean oil demand and the global palm outlook.

• Bunge is managing several projects, such as the expansion of the Destrehan plant and the acquisition of CJ Selecta, which are projected to be operational by 2026.

More details: Bunge IR

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