Bunge (BG) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
Bunge (BG) reported $15.05 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 16.1%. EPS of $3.72 for the same period compares to $2.97 a year ago.
The reported revenue represents a surprise of -6.99% over the Zacks Consensus Estimate of $16.18 billion. With the consensus EPS estimate being $2.61, the EPS surprise was +42.53%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Bunge performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Volumes - Agribusiness: 18257 Kmt versus the two-analyst average estimate of 19915.72 Kmt.
Volumes - Milling products: 844 Kmt versus 885.83 Kmt estimated by two analysts on average.
Volumes - Refined & Specialty Oils: 2212 Kmt versus 2223.24 Kmt estimated by two analysts on average.
Net sales to external customers- Agribusiness: $10.88 billion compared to the $11.82 billion average estimate based on two analysts. The reported number represents a change of -14.7% year over year.
Net sales to external customers- Milling products: $490 million versus the two-analyst average estimate of $531.87 million. The reported number represents a year-over-year change of -27.6%.
Net sales to external customers- Refined & Specialty Oils: $3.60 billion compared to the $3.65 billion average estimate based on two analysts. The reported number represents a change of -19% year over year.
Net sales to external customers- Sugar and Bioenergy: $72 million versus the two-analyst average estimate of $65 million. The reported number represents a year-over-year change of +26.3%.
Corporate and Other- Segment EBIT- Adjusted: -$121 million versus the two-analyst average estimate of -$94 million.
Segment operating Income-Refined & Specialty Oils- Non GAAP: $207 million versus $196.07 million estimated by two analysts on average.
Sugar & Bioenergy- EBIT-Proforma (Adjusted Segment EBIT): $51 million versus $16 million estimated by two analysts on average.
Agribusiness- EBIT-Proforma (Adjusted Segment EBIT): $674 million versus the two-analyst average estimate of $462.06 million.
Segment operating Income-Milling products- Non GAAP: $12 million versus the two-analyst average estimate of $13.36 million.
View all Key Company Metrics for Bunge here>>>
Shares of Bunge have returned +11.6% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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