Bunge Posts Strong Q2 Earnings on Soybean Oil Price Surge
Bunge Global, the world's largest oilseed processor, has posted strong second-quarter earnings driven by robust processing margins for soybeans and other oilseeds. The company beat Wall Street estimates with an adjusted profit of $2.00 per share in the quarter ended June 30, up from $1.31 a year earlier.
The sharp increase in crude oil prices following global supply disruptions caused by the Iran war sent soybean oil prices sharply higher, bolstering Bunge's margins. The company's acquisition last year of grain handler Viterra also lifted volumes.
Bunge has raised its full-year adjusted profit forecast for a second straight quarter, citing improved margins and a favorable macro environment. The company now expects earnings for this year to be between $9.25 and $9.75 per share, up from its previous forecast of $9.00 to $9.50.