Bunge Crushes Q2 Earnings Estimates on Soybean Oil Price Surge

U.S. agribusiness Bunge Global beat Wall Street estimates for its second-quarter earnings, citing strong processing margins for soybeans and other oilseeds.

The company's adjusted earnings per share in the quarter ended June 30 jumped to $2.00, from $1.31 in the same quarter a year earlier, topping the consensus analyst estimate of $1.95.

Bunge attributed its robust margins to soaring crude oil prices after global supply disruptions caused by the Iran war, which sent soybean oil prices sharply higher in the quarter.

The company's expanded processing footprint following its acquisition last year of grain handler Viterra lifted volumes and boosted demand for Bunge's services.