Bunge cuts outlook on weak fertilizer sales

Bunge lowers 2009 outlook on weak pricing environment for fertilizer internationally

• On 10:42 am EDT, Thursday October 22, 2009

WHITE PLAINS, N.Y. (AP) -- Seed and agribusiness company Bunge Ltd. on Thursday lowered its full-year outlook and said weak fertilizer sales are expected to continue.

The company now expects earnings between $3.10 to $3.50 per share, based on 128 million shares outstanding. It previously expected earnings of $4.90 to $5.40 per share on 138 million shares outstanding.

"Fertilizer results will be weaker than we previously expected due to a softer pricing environment both internationally and in Brazil," said CFO Jacqualyn Fouse in a statement. "In consideration of this fertilizer outlook, we have revised our 2009 full-year earnings guidance."

Analysts polled by Thomson Reuters forecast 2009 income of $4.69 per share.

The news came as Bunge reported third-quarter profit edged down on weak fertilizer sales.

Shares fell $4.94, or 7.4 percent, to $61.97 in morning trading. The stock has traded between $27.60 and $72.97 over the past year.