Bunge Global SA (NYSE: BG) today reported fourth quarter and
full-year 2024 results.
- Full-year GAAP diluted EPS of $7.99 vs. $14.87 in the prior
year; $9.19 vs. $13.66 on an adjusted basis excluding certain
gains/charges and mark-to-market timing differences
- Q4 GAAP diluted EPS of $4.36 vs. $4.18 in the prior year;
$2.13 vs. $3.70 on an adjusted basis excluding certain
gains/charges and mark-to-market timing differences
- In Agribusiness lower Processing results partially offset by
higher Merchandising
- Lower Refined and Specialty Oils results primarily driven by
North America
- In late stages of regulatory processes for Viterra and CJ
Selecta
- Made substantial progress during FY24 on growth investments
and strategic partnerships as well as the divestiture of the sugar
& bioenergy joint venture
- Repurchased $500 million of shares during Q4, bringing the
YTD total to $1.1 billion
Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our
team closed out a year of significant achievements for Bunge. We
made great progress on integration planning for our announced
combination with Viterra and, having received the vast majority of
regulatory approvals, we expect to close the transaction soon. We
continued to make productivity improvements from our investments in
the business while returning significant capital to shareholders.
And we took meaningful steps in sustainability by achieving our
100% traceability and monitoring targets in Brazil.
"While we didn't end the year as we expected and our forward
visibility is limited by the increased geopolitical uncertainty, we
are confident that the work we've done to further strengthen our
business will allow us to continue to create value for all
stakeholders. We look forward to using our more diverse platform
across crops and geographies to connect farmers to consumers to
deliver essential food, feed and fuel to the world."
Quarter Ended December
31,
Year Ended December
31,
(US$ in millions, except per share
data)
2024
2023
2024
2023
Net income attributable to
Bunge
$
602
$
616
$
1,137
$
2,243
Net income per share-diluted
(7)
$
4.36
$
4.18
$
7.99
$
14.87
Mark-to-market timing differences (a)
$
(1.25
)
$
(1.08
)
$
0.72
$
(2.36
)
Certain (gains) & charges (b)
(0.98
)
0.60
0.48
1.15
Adjusted Net income per share-diluted
(c) (7)
$
2.13
$
3.70
$
9.19
$
13.66
Core Segment EBIT (c) (d)
$
734
$
1,043
$
2,171
$
3,717
Mark-to-market timing differences (a)
(180
)
(216
)
163
(477
)
Certain (gains) & charges (b)
(6
)
54
13
25
Adjusted Core Segment EBIT (c)
$
548
$
881
$
2,347
$
3,265
Corporate and Other EBIT (c)(e)
$
(173
)
$
(131
)
$
(594
)
$
(548
)
Certain (gains) & charges (b)
59
48
244
150
Adjusted Corporate and Other EBIT
(c)
$
(114
)
$
(83
)
$
(350
)
$
(398
)
Non-core Segment EBIT (c) (f)
$
206
$
39
$
215
$
164
Certain (gains) & charges (b)
(195
)
—
(195
)
—
Adjusted Non-core Segment EBIT
(c)
$
11
$
39
$
20
$
164
Total EBIT (c)
$
767
$
951
$
1,792
$
3,333
Mark-to-market timing differences (a)
(180
)
(216
)
163
(477
)
Certain (gains) & charges (b)
(142
)
102
62
175
Adjusted Total EBIT (c)
$
445
$
837
$
2,017
$
3,031
(a)
Mark-to-market timing impact of
certain commodity and freight contracts, readily marketable
inventories ("RMI"), and related hedges associated with committed
future operating capacity and sales. See note 3 in the Additional
Financial Information section of this release for details.
(b)
Certain (gains) & charges
included in Total EBIT and Net income attributable to Bunge. See
Additional Financial Information for details.
(c)
Core Segment EBIT, Adjusted Core
Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and
Other EBIT, Non-core Segment EBIT, Adjusted Non-core Segment EBIT,
Total EBIT, Adjusted Total EBIT, and Adjusted Net income per
share-diluted are non-GAAP financial measures. Reconciliations to
the most directly comparable U.S. GAAP measures are included in the
tables attached to this press release and the accompanying slide
presentation posted on Bunge's website.
(d)
Core Segment earnings before
interest and tax ("Core Segment EBIT") comprises the aggregate
earnings before interest and tax (“EBIT”) of Bunge’s Agribusiness,
Refined and Specialty Oils and Milling reportable segments, and
excludes Bunge's Sugar & Bioenergy reportable segment and
Corporate and Other activities.
(e)
Corporate and Other includes
salaries and overhead for corporate functions that are not
allocated to the Company’s individual reporting segments, as well
as certain other activities including Bunge Ventures, the Company's
captive insurance activities, and accounts receivable
securitization activities.
(f)
Non-core Segment EBIT comprises
Bunge’s Sugar & Bioenergy reportable segment EBIT, which
reflects Bunge's share of the results of its previously owned 50/50
joint venture with BP p.l.c. On October 1, 2024, we completed the
sale of our 50% interest in BP Bunge Bioenergia to BP Biofuels
Brazil Investment Limited.
- Fourth Quarter and Full-Year 2024 Results
Core Segments
Agribusiness
Quarter Ended
Year Ended
(US$ in millions, except per share
data)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Volumes (in thousand metric
tons)
19,965
20,522
80,628
76,019
Net Sales
$
9,909
$
10,955
$
38,598
$
42,764
Gross Profit
$
779
$
871
$
1,914
$
3,321
Selling, general and administrative
expense
$
(151
)
$
(164
)
$
(603
)
$
(592
)
Foreign exchange gains (losses) -
net
$
(90
)
$
77
$
(171
)
$
—
EBIT attributable to noncontrolling
interests
$
(23
)
$
(41
)
$
(9
)
$
(70
)
Other income (expense) - net
$
38
$
72
$
226
$
126
Income (loss) from affiliates
$
10
$
20
$
(56
)
$
1
Segment EBIT
$
563
$
835
$
1,301
$
2,786
Mark-to-market timing differences
(193
)
(233
)
201
(497
)
Certain (gains) & charges
(6
)
37
13
8
Adjusted Segment EBIT
$
364
$
639
$
1,515
$
2,297
Processing (2)
Quarter Ended
Year Ended
(US$ in millions)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Processing EBIT
$
422
$
834
$
943
$
2,487
Mark-to-market timing differences
(180
)
(278
)
247
(559
)
Certain (gains) & charges
(1
)
37
18
19
Adjusted Processing EBIT
$
241
$
593
$
1,208
$
1,947
Higher soy crush results in Europe and Asia were more than
offset by lower results in North America and South America, as well
as European softseeds. Results in the quarter included a business
interruption insurance recovery of $38 million related to our
Ukrainian operations.
Merchandising (2)
Quarter Ended
Year Ended
(US$ in millions)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Merchandising EBIT
$
141
$
1
$
358
$
299
Mark-to-market timing differences
(13
)
45
(46
)
62
Certain (gains) & charges
(5
)
—
(5
)
(11
)
Adjusted Merchandising EBIT
$
123
$
46
$
307
$
350
Higher results were driven by improved performances in our
financial services, ocean freight and global grains businesses,
more than offsetting lower results in global oils. Results included
a business interruption insurance recovery of $14 million related
to our Ukrainian operations.
Refined & Specialty Oils
Quarter Ended
Year Ended
(US$ in millions, except per share
data)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Volumes (in thousand metric
tons)
2,305
2,272
9,134
8,908
Net Sales
$
3,252
$
3,513
$
12,771
$
14,603
Gross Profit
$
275
$
342
$
1,287
$
1,369
Selling, general and administrative
expense
$
(113
)
$
(134
)
$
(416
)
$
(425
)
Foreign exchange gains (losses) -
net
$
1
$
(1
)
$
(20
)
$
7
EBIT attributable to noncontrolling
interests
$
(4
)
$
(4
)
$
(35
)
$
(21
)
Other income (expense) - net
$
(11
)
$
(15
)
$
(57
)
$
(65
)
Segment EBIT
$
148
$
188
$
759
$
865
Mark-to-market timing differences
12
7
(20
)
1
Certain (gains) & charges
—
17
—
17
Adjusted Segment EBIT
$
160
$
212
$
739
$
883
Refined & Specialty Oils Summary
Lower results in North America were primarily due to the
combination of a more balanced supply and demand environment and
uncertainty related to U.S. biofuel policies. While results in
Europe, South America and Asia were also down due to lower margins,
the variances were much narrower.
Milling
Quarter Ended
Year Ended
(US$ in millions, except per share
data)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Volumes (in thousand metric
tons)
897
836
3,703
3,391
Net Sales
$
366
$
412
$
1,555
$
1,896
Gross Profit
$
49
$
46
$
218
$
167
Selling, general and administrative
expense
$
(23
)
$
(25
)
$
(97
)
$
(95
)
Other income (expense) - net
$
(2
)
$
(2
)
$
(6
)
$
(7
)
Segment EBIT
$
23
$
20
$
111
$
66
Mark-to-market timing differences
1
10
(18
)
19
Certain (gains) & charges
—
—
—
—
Adjusted Segment EBIT
$
24
$
30
$
93
$
85
Milling Summary
Higher results in North America were more than offset by lower
results in South America.
Corporate and Other
Quarter Ended
Year Ended
(US$ in millions, except per share
data)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Gross Profit
$
(22
)
$
(7
)
$
(29
)
$
(18
)
Selling, general and administrative
expense
$
(164
)
$
(172
)
$
(658
)
$
(602
)
Foreign exchange gains (losses) -
net
$
2
$
7
$
5
$
12
Other income (expense) - net
$
9
$
39
$
83
$
73
Income (loss) from affiliates
$
—
$
—
$
1
$
(17
)
Corporate and Other EBIT
$
(173
)
$
(131
)
$
(594
)
$
(548
)
Certain (gains) & charges
59
48
244
150
Adjusted Corporate and Other
EBIT
$
(114
)
$
(83
)
$
(350
)
$
(398
)
Corporate
Quarter Ended
Year Ended
(US$ in millions)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Corporate EBIT
$
(164
)
$
(167
)
$
(626
)
$
(548
)
Certain (gains) & charges
59
48
244
114
Adjusted Corporate EBIT
$
(105
)
$
(119
)
$
(382
)
$
(434
)
Other
Quarter Ended
Year Ended
(US$ in millions)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Other EBIT
$
(9
)
$
36
$
32
$
—
Certain (gains) & charges
—
—
—
36
Adjusted Other EBIT
$
(9
)
$
36
$
32
$
36
Corporate and Other Summary
The decrease in Corporate expenses was primarily driven by lower
performance-based compensation and various project related
expenses. Lower Other results were related to our captive insurance
and securitization programs and Bunge Ventures.
Non-core Segments
Sugar & Bioenergy
Quarter Ended
Year Ended
(US$ in millions, except per share
data)
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
Net Sales
$
—
$
43
$
130
$
235
Gross Profit
$
—
$
2
$
3
$
6
Other income (expense) - net
$
196
$
—
$
196
$
2
Income (loss) from affiliates
$
10
$
38
$
18
$
157
Segment EBIT
$
206
$
39
$
215
$
164
Certain (gains) & charges
(195
)
—
(195
)
—
Adjusted Segment EBIT
$
11
$
39
$
20
$
164
Sugar & Bioenergy Summary
Lower results reflect only one month of income due to the recent
sale of our interest in the sugar & bioenergy joint
venture.
Cash Flow
Year Ended
(US$ in millions)
Dec 31, 2024
Dec 31, 2023
Cash provided by (used for) operating
activities
$
1,900
$
3,308
Certain reconciling items to Adjusted
funds from operations (4)
(218
)
(842
)
Adjusted funds from operations
(4)
$
1,682
$
2,466
Cash provided by operations during the year was $1,900 million
compared to $3,308 million in the prior year. The reduction of cash
provided by operating activities was primarily driven by lower
reported net income and net changes in working capital. Adjusted
funds from operations (FFO) was $1,682 million compared to $2,466
million in the prior year.(4)
Income Taxes
The decrease in income tax expense for both the quarter and full
year was primarily due to lower pre-tax income and earnings mix.
Adjusting for notable items and mark-to-market timing differences,
the full year adjusted effective income tax rate was approximately
23% for both the current and prior year.(5)
Taking into account the current margin and macro environment and
forward curves, we are forecasting full-year 2025 adjusted EPS of
approximately $7.75. This forecast excludes announced acquisitions
that are expected to close during the year.
In Agribusiness, full-year results are forecasted to be down
from last year due to lower results in Processing where higher
results in South America are expected to be more than offset by
lower results in North America and European softseeds. Results in
Merchandising are forecasted to be down slightly from last
year.
In Refined and Specialty Oils, full-year results are expected to
be down from last year primarily driven by a more balanced supply
and demand environment in North America.
In Milling, full-year results are expected to be up from last
year.
In Corporate and Other, full-year results are expected to be up
from last year.
Additionally, the Company expects the following for 2025: an
adjusted annual effective tax rate in the range of 21% to 25%; net
interest expense in the range of $250 to $280 million; capital
expenditures in the range of $1.5 to $1.7 billion; and depreciation
and amortization of approximately $490 million.
- Conference Call and Webcast Details
Bunge Global SA’s management will host a conference call at 8:00
a.m. Eastern (7:00 a.m. Central) on Wednesday, February 5, 2025 to
discuss the Company’s results.
Additionally, a slide presentation to accompany the discussion
of results will be posted on www.bunge.com.
To access the webcast, go to “Events and presentations” under
“News & Events” in the “Investor Center” section of the
Company’s website. Select “Q4 2024 Bunge Global SA Conference Call”
and follow the prompts. Please go to the website at least 15
minutes prior to the call to register and download any necessary
audio software.
To listen to the call, please dial 1 (844) 735-3666. If you are
located outside the United States or Canada, dial +1 (412)
317-5706. Please dial in five to 10 minutes before the scheduled
start time. The call will also be webcast live at www.bunge.com.
A replay of the call will be available later in the day on
February 5, 2025, continuing through March 5, 2025. To listen to
it, please dial 1 (877) 344-7529 in the United States, 1 (855)
669-9658 in Canada, or 1 (412) 317-0088 in other locations. When
prompted, enter confirmation code 6384373.
At Bunge (NYSE: BG), our purpose is to connect farmers to
consumers to deliver essential food, feed and fuel to the world.
With more than two centuries of experience, unmatched global scale
and deeply rooted relationships, we work to strengthen global food
security, increase sustainability where we operate, and help
communities prosper. As the world’s leader in oilseed processing
and a leading producer and supplier of specialty plant-based oils
and fats, we value our partnerships with farmers to bring quality
products from where they’re grown to where they’re consumed. At the
same time, we collaborate with our customers to develop tailored
and innovative solutions to meet evolving dietary needs and trends
in every part of the world. Our Company has its registered office
in Geneva, Switzerland and its corporate headquarters in St. Louis,
Missouri. We have approximately 23,000 dedicated employees working
across approximately 300 facilities located in more than 40
countries.
We routinely post important information for investors on our
website, www.bunge.com, in the "Investors" section. We may use this
website as a means of disclosing material, non-public information
and for complying with our disclosure obligations under Regulation
FD. Accordingly, investors should monitor the Investors section of
our website, in addition to following our press releases, U.S.
Securities and Exchange Commission ("SEC") filings, public
conference calls, presentations and webcasts. The information
contained on, or that may be accessed through, our website is not
incorporated by reference into, and is not a part of, this
document.
- Cautionary Statement Concerning Forward Looking
Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward looking statements to encourage companies
to provide prospective information to investors. This press release
includes forward looking statements that reflect our current
expectations and projections about our future results, performance,
prospects and opportunities. Forward looking statements include all
statements that are not historical in nature. We have tried to
identify these forward looking statements by using words including
"may," "will," "should," "could," "expect," "anticipate,"
"believe," "plan," "intend," "estimate," "continue" and similar
expressions. These forward looking statements are subject to a
number of risks, uncertainties, assumptions and other factors that
could cause our actual results, performance, prospects or
opportunities to differ materially from those expressed in, or
implied by, these forward looking statements. The following
factors, among others, could cause actual results to differ from
these forward looking statements:
- the impact on our employees, operations, and facilities from
the war in Ukraine and the resulting economic and other sanctions
imposed on Russia, including the impact on us resulting from the
continuation and/or escalation of the war and sanctions against
Russia;
- the effect of weather conditions and the impact of crop and
animal disease on our business;
- the impact of global and regional economic, agricultural,
financial and commodities market, political, social and health
conditions;
- changes in government policies and laws affecting our business,
including agricultural and trade policies, financial markets
regulation and environmental, tax and biofuels regulation;
- the impact of seasonality;
- the impact of government policies and regulations;
- the outcome of pending regulatory and legal proceedings;
- our ability to complete, integrate and benefit from
acquisitions, divestitures, joint ventures and strategic alliances,
including without limitation Bunge’s pending business combination
with Viterra Limited (“Viterra”);
- the impact of industry conditions, including fluctuations in
supply, demand and prices for agricultural commodities and other
raw materials and products that we sell and use in our business,
fluctuations in energy and freight costs and competitive
developments in our industries;
- the effectiveness of our capital allocation plans, funding
needs and financing sources;
- the effectiveness of our risk management strategies;
- operational risks, including industrial accidents, natural
disasters, pandemics or epidemics, wars and cybersecurity
incidents;
- changes in foreign exchange policy or rates;
- the impact of our dependence on third parties;
- our ability to attract and retain executive management and key
personnel; and
- other factors affecting our business generally.
The forward looking statements included in this release are made
only as of the date of this release, and except as otherwise
required by federal securities law, we do not have any obligation
to publicly update or revise any forward looking statements to
reflect subsequent events or circumstances.
You should refer to "Item 1A. Risk Factors" in our Annual Report
on Form 10-K for the year ended December 31, 2023 filed with the
SEC on February 22, 2024.
- Additional Financial Information
Certain gains and (charges), quarter-to-date
The following tables provide a summary of certain gains and
(charges) that may be of interest to investors, including a
description of these items and their effect on Net income (loss)
attributable to Bunge, Earnings per share diluted and EBIT for the
three month periods ended December 31, 2024 and 2023.
(US$ in millions, except per share
data)
Net Income (Loss)
Attributable to Bunge
Earnings Per Share
Diluted (7)
EBIT
Quarter Ended December 31,
2024
2023
2024
2023
2024
2023
Core Segments:
$
5
$
(40
)
$
0.03
$
(0.27
)
$
6
$
(54
)
Agribusiness
$
5
$
(28
)
$
0.03
$
(0.19
)
$
6
$
(37
)
Ukraine-Russia War
5
—
0.03
—
6
—
Fixed asset impairment
—
(28
)
—
(0.19
)
—
(37
)
Refined and Specialty Oils
$
—
$
(12
)
$
—
$
(0.08
)
$
—
$
(17
)
Discontinued trademarks
—
(12
)
—
(0.08
)
—
(17
)
Milling
$
—
$
—
$
—
$
—
$
—
$
—
Corporate and Other:
$
(58
)
$
(49
)
$
(0.41
)
$
(0.33
)
$
(59
)
$
(48
)
Acquisition and integration costs
(58
)
(49
)
(0.41
)
(0.33
)
(59
)
(48
)
Non-core Segment:
$
188
$
—
$
1.36
$
—
$
195
$
—
Sugar & Bioenergy
$
188
$
—
$
1.36
$
—
$
195
$
—
Gain on sale of equity method
investment
188
—
1.36
—
195
—
Total
$
135
$
(89
)
$
0.98
$
(0.60
)
$
142
$
(102
)
See Definition and Reconciliation of
Non-GAAP Measures.
Core Segments
Agribusiness
EBIT for the quarter ended December 31, 2024 included $6 million
in insurance recoveries, in Cost of goods sold, related to certain
previously damaged property as a result of the Ukraine-Russia
war.
EBIT for the quarter ended December 31, 2023 included a $37
million fixed asset impairment charge in North America recorded in
Cost of goods sold.
Refined and Specialty Oils
EBIT for the quarter ended December 31, 2023 included
accelerated amortization charges of $17 million, at Bunge's 80%
share, in SG&A, primarily related to the discontinuance of the
Loders Croklaan trademark.
Corporate and Other
The following is a summary of acquisition and integration costs
related to the announced business combination agreement with
Viterra recorded in the Company's Consolidated Statements of Income
(Loss).
Quarter Ended December
31,
(US$ in millions)
2024
2023
Selling, general and administrative
expenses
$
(47
)
$
(48
)
Interest expense
(4
)
(4
)
Other income (expense) — net
(12
)
—
Income tax (expense) benefit
5
3
Net income (loss)
$
(58
)
$
(49
)
Non-core Segment
Sugar & Bioenergy
EBIT for the quarter ended December 31, 2024 included a $195
million gain on the sale of Bunge's 50% ownership share in BP Bunge
Bioenergia, recorded in Other income (expense) - net.
Certain gains and (charges), year-to-date
The following tables provide a summary of certain gains and
(charges) that may be of interest to investors, including a
description of these items and their effect on Net income (loss)
attributable to Bunge, Earnings per share diluted and EBIT for the
years ended December 31, 2024 and 2023.
(US$ in millions, except per share
data)
Net Income (Loss)
Attributable to Bunge
Earnings Per Share
Diluted (7)
EBIT
Year Ended December 31,
2024
2023
2024
2023
2024
2023
Core Segments:
$
(14
)
$
(15
)
$
(0.10
)
$
(0.10
)
$
(13
)
$
(25
)
Agribusiness
$
(14
)
$
(3
)
$
(0.10
)
$
(0.02
)
$
(13
)
$
(8
)
Impairment of equity method investment
(19
)
—
(0.13
)
—
(19
)
—
Ukraine-Russia War
5
25
0.03
0.17
6
29
Fixed asset impairment
—
(28
)
—
(0.19
)
—
(37
)
Refined and Specialty Oils
$
—
$
(12
)
$
—
$
(0.08
)
$
—
$
(17
)
Discontinued trademarks
—
(12
)
—
(0.08
)
—
(17
)
Milling
$
—
$
—
$
—
$
—
$
—
$
—
Corporate and Other:
$
(243
)
$
(158
)
$
(1.70
)
$
(1.05
)
$
(244
)
$
(150
)
Acquisition and integration costs
(243
)
(122
)
(1.70
)
(0.81
)
(244
)
(114
)
Impairment of equity method and other
investments
—
(36
)
—
(0.24
)
—
(36
)
Non-core Segment:
$
188
$
—
$
1.32
$
—
$
195
$
—
Sugar & Bioenergy
$
188
$
—
$
1.32
$
—
$
195
$
—
Gain on sale of equity method
investment
188
—
1.32
—
195
—
Total
$
(69
)
$
(173
)
$
(0.48
)
$
(1.15
)
$
(62
)
$
(175
)
See Definition and Reconciliation of
Non-GAAP Measures.
Core Segments
Agribusiness
EBIT for the year ended December 31, 2024 included a $19 million
impairment charge, in Income (loss) from affiliates, related to a
minority investment in North America.
EBIT for the year ended December 31, 2024 included $6 million in
insurance recoveries, in Cost of goods sold, related to certain
previously damaged property as a result of the Ukraine-Russia
war.
EBIT for the year ended December 31, 2023 included
mark-to-market gain of $29 million, in Cost of goods sold, related
to inventory recovered from our Mykolaiv and other facilities in
Ukraine. The circumstances allowing for recovery of these
inventories did not exist and were unforeseeable when the inventory
reserves were initially recorded in 2022 in conjunction with the
Ukraine-Russia war.
EBIT for the year ended December 31, 2023 included a $37 million
fixed asset impairment charge in North America recorded in Cost of
goods sold.
Refined and Specialty Oils
EBIT for the year ended December 31, 2023 included accelerated
amortization charges of $17 million, at Bunge's 80% share, in
SG&A, primarily related to the discontinuance of the Loders
Croklaan trademark.
Corporate and Other
The following is a summary of acquisition and integration costs
related to the announced business combination agreement with
Viterra recorded in the Company's Consolidated Statements of Income
(Loss).
Year Ended December
31,
(US$ in millions)
2024
2023
Cost of goods sold
$
(5
)
$
—
Selling, general and administrative
expenses
(227
)
(114
)
Interest expense
(17
)
(16
)
Other income (expense) — net
(12
)
—
Income tax (expense) benefit
18
8
Net income (loss)
$
(243
)
$
(122
)
EBIT for the year ended December 31, 2023 included a $20 million
impairment charge, in Other Income (expense) - net, related to the
full impairment of a long-term investment held in Other non-current
assets.
EBIT for the year ended December 31, 2023 included a $16 million
impairment charge, in Income (loss) from affiliates, related to a
minority investment in Australian Plant Proteins, a start-up
manufacturer of novel protein ingredients.
Non-core Segment
Sugar & Bioenergy
EBIT for the year ended December 31, 2024 included a $195
million gain on the sale of Bunge's 50% ownership share in BP Bunge
Bioenergia, recorded in Other income (expense) - net.
- Consolidated Earnings Data (Unaudited)
Quarter Ended December
31,
Year Ended December
31,
(US$ in millions, except per share
data)
2024
2023
2024
2023
Net sales
$
13,542
$
14,936
$
53,108
$
59,540
Cost of goods sold
(12,461
)
(13,682
)
(49,715
)
(54,695
)
Gross profit
1,081
1,254
3,393
4,845
Selling, general and administrative
expenses
(451
)
(495
)
(1,776
)
(1,715
)
Foreign exchange (losses) gains - net
(88
)
84
(189
)
20
Other income (expense) – net
230
94
442
129
Income (loss) from affiliates
20
57
(38
)
140
EBIT attributable to noncontrolling
interest (a) (1)
(25
)
(43
)
(40
)
(86
)
Total EBIT
767
951
1,792
3,333
Interest income
51
27
163
148
Interest expense
(113
)
(142
)
(471
)
(516
)
Income tax (expense) benefit
(100
)
(219
)
(336
)
(714
)
Noncontrolling interest share of interest
and tax (a) (1)
(3
)
(1
)
(11
)
(8
)
Net income (loss) attributable to Bunge
(1)
$
602
$
616
$
1,137
$
2,243
Net income (loss) attributable to Bunge
shareholders - diluted (7)
$
4.36
$
4.18
$
7.99
$
14.87
Weighted–average shares outstanding -
diluted (7)
138
147
142
151
(a) The line items "EBIT attributable to
noncontrolling interest" and "Noncontrolling interest share of
interest and tax" when combined, represent consolidated Net
(income) loss attributable to noncontrolling interests and
redeemable noncontrolling interests on a U.S. GAAP basis of
presentation.
- Condensed Consolidated Balance Sheets (Unaudited)
December 31,
(US$ in millions)
2024
2023
Assets
Cash and cash equivalents
$
3,311
$
2,602
Trade accounts receivable, net
2,148
2,592
Inventories (a)
6,491
7,105
Other current assets
4,008
4,051
Total current assets
15,958
16,350
Property, plant and equipment, net
5,254
4,541
Operating lease assets
932
926
Goodwill and other intangible assets,
net
774
887
Investments in affiliates
779
1,280
Other non-current assets
1,202
1,388
Total assets
$
24,899
$
25,372
Liabilities and Equity
Short-term debt
$
875
$
797
Current portion of long-term debt
669
5
Trade accounts payable
2,777
3,664
Current operating lease obligations
286
308
Other current liabilities
2,828
2,913
Total current liabilities
7,435
7,687
Long-term debt
4,694
4,080
Non-current operating lease
obligations
595
566
Other non-current liabilities
1,226
1,224
Total liabilities
13,950
13,557
Redeemable noncontrolling
interest
4
1
Total equity
10,945
11,814
Total liabilities, redeemable
noncontrolling interest and equity
$
24,899
$
25,372
(a) Includes RMI of $5,224 million and
$5,837 million at December 31, 2024 and 2023, respectively. Of the
total RMI, $3,612 million and $4,242 million can be attributable to
merchandising activities at December 31, 2024 and 2023,
respectively.
- Condensed Consolidated Statements of Cash Flows
(Unaudited)
Year Ended December
31,
(US$ in millions)
2024
2023
Operating Activities
Net income (loss) (1)
$
1,188
$
2,337
Adjustments to reconcile net income (loss)
to cash provided by (used for) operating activities:
Impairment charges
41
104
Foreign exchange (gain) loss on net
debt
174
(281
)
Share-based compensation expense
65
69
Depreciation, depletion and
amortization
468
451
Deferred income tax expense (benefit)
(10
)
(1
)
Gain on sale of investments and property,
plant and equipment
(205
)
(4
)
Results from affiliates
19
(157
)
Other, net
65
117
Changes in operating assets and
liabilities, excluding the effects of acquisitions:
Trade accounts receivable
169
256
Inventories
96
1,518
Secured advances to suppliers
207
(121
)
Trade accounts payable and accrued
liabilities
(538
)
(939
)
Advances on sales
51
(140
)
Net unrealized (gain) loss on derivative
contracts
262
(366
)
Margin deposits
36
173
Recoverable and income taxes, net
(242
)
202
Marketable securities
(36
)
23
Other, net
90
67
Cash provided by (used for) operating
activities
1,900
3,308
Investing Activities
Payments made for capital expenditures
(1,376
)
(1,122
)
Proceeds from investments
887
49
Payments for investments
(1,285
)
(69
)
Settlement of net investment hedges
71
(64
)
Proceeds from beneficial interest in
securitized trade receivables
—
87
Proceeds from sales of businesses and
property, plant, and equipment
8
170
Payments for investments in affiliates
(61
)
(136
)
Proceeds from sale of investments in
affiliates
728
—
Other, net
(86
)
76
Cash provided by (used for) investing
activities
(1,114
)
(1,009
)
Financing Activities
Net proceeds (repayments) of short-term
debt
124
398
Net proceeds (repayments) of long-term
debt
1,292
(168
)
Debt issuance costs
(24
)
(30
)
Repurchases of registered or common
shares
(1,100
)
(600
)
Dividends paid to registered or common
shareholders
(378
)
(383
)
Contributions from (Return of capital to)
noncontrolling interest
53
56
Settlement of cross currency swap
—
(79
)
Other, net
(57
)
(50
)
Cash provided by (used for) financing
activities
(90
)
(856
)
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash
9
28
Net increase (decrease) in cash and
cash equivalents and restricted cash
705
1,471
Cash and cash equivalents, and
restricted cash - beginning of period
2,623
1,152
Cash and cash equivalents, and
restricted cash - end of period
$
3,328
$
2,623
- Definition and Reconciliation of Non-GAAP Measures
This earnings release contains certain "non-GAAP financial
measures" as defined in Regulation G of the Securities Exchange Act
of 1934. Bunge has reconciled these non-GAAP financial measures to
the most directly comparable U.S. GAAP measures below. These
measures may not be comparable to similarly titled measures used by
other companies.
Total EBIT and Adjusted Total EBIT
Bunge uses earnings before interest and tax (“EBIT”) to evaluate
the operating performance of its individual reportable segments as
well as Corporate and Other results. Total EBIT excludes EBIT
attributable to noncontrolling interests. Bunge also uses Core
Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT and
Total EBIT to evaluate the operating performance of Bunge’s Core
reportable segments, Non-core reportable segments and Total
reportable segments together with Corporate and Other activities.
Core Segment EBIT is the aggregate of the earnings before interest
and taxes of each of Bunge’s Agribusiness, Refined and Specialty
Oils, and Milling segments. Non-core Segment EBIT is the earnings
before interest and taxes of Bunge’s Sugar & Bioenergy segment.
Total EBIT is the aggregate of the earnings before interest and
taxes of Bunge’s Core and Non-core reportable segments, together
with its Corporate and Other activities.
Adjusted Core Segment EBIT, Adjusted Non-Core Segment EBIT,
Adjusted Corporate and Other EBIT and Adjusted Total EBIT, are
calculated by excluding temporary mark-to-market timing
differences, as defined in note 3 below, and certain gains and
(charges), as described in "Additional Financial Information"
above, from Core Segment EBIT, Non-Core Segment EBIT, Corporate and
Other EBIT, and Total EBIT, respectively.
Core Segment EBIT, Non-core Segment EBIT, Corporate and Other
EBIT, Total EBIT, Adjusted Core Segment EBIT, Adjusted Non-core
Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total
EBIT are non-GAAP financial measures and are not intended to
replace Net income (loss) attributable to Bunge, the most directly
comparable U.S. GAAP financial measure. Bunge's management believes
these non-GAAP measures are a useful measure of its operating
profitability, since the measures allow for an evaluation of
performance without regard to financing methods or capital
structure. For this reason, operating performance measures such as
these non-GAAP measures are widely used by analysts and investors
in Bunge's industries. These non-GAAP measures are not a measure of
consolidated operating results under U.S. GAAP and should not be
considered as an alternative to Net income (loss) or any other
measure of consolidated operating results under U.S. GAAP.
Net income (loss) attributable to Bunge to Adjusted Net
income (loss) attributable to Bunge
Adjusted Net Income (loss) excludes temporary mark-to-market
timing differences, as defined in note 3 below, and certain gains
and (charges), as described in "Additional Financial Information"
above, and is a non-GAAP financial measure. This measure is not a
measure of Net income (loss) attributable to Bunge, the most
directly comparable U.S. GAAP financial measure. It should not be
considered as an alternative to Net Income (loss) attributable to
Bunge, Net Income (loss), or any other measure of consolidated
operating results under U.S. GAAP. Bunge's management believes
Adjusted Net income (loss) is a useful measure of the Company's
profitability.
We also have presented projected Adjusted Net income per share
for 2025. This information is provided only on a non-GAAP basis
without reconciliation to projected Net Income per share for 2025,
the most directly comparable U.S. GAAP measure. The most directly
comparable U.S. GAAP measure has not been provided due to the
inability to quantify certain amounts necessary for such
reconciliation, including but not limited to potentially
significant future market price movements over the remainder of the
year.
Below is a reconciliation of Net income (loss) attributable to
Bunge, to Total EBIT, and Adjusted Total EBIT:
Quarter Ended December
31,
Year Ended December
31,
(US$ in millions)
2024
2023
2024
2023
Net income (loss) attributable to
Bunge
$
602
$
616
$
1,137
$
2,243
Interest income
(51
)
(27
)
(163
)
(148
)
Interest expense
113
142
471
516
Income tax expense (benefit)
100
219
336
714
Noncontrolling interest share of interest
and tax
3
1
11
8
Total EBIT
$
767
$
951
$
1,792
$
3,333
Agribusiness EBIT
$
563
$
835
$
1,301
$
2,786
Refined and Specialty Oils EBIT
148
188
759
865
Milling EBIT
23
20
111
66
Core Segment EBIT
$
734
$
1,043
$
2,171
$
3,717
Corporate and Other EBIT
$
(173
)
$
(131
)
$
(594
)
$
(548
)
Sugar & Bioenergy EBIT
$
206
$
39
$
215
$
164
Non-core Segment EBIT
$
206
$
39
$
215
$
164
Total EBIT
$
767
$
951
$
1,792
$
3,333
Mark-to-market timing differences
(180
)
(216
)
163
(477
)
Certain (gains) & charges
(142
)
102
62
175
Adjusted Total EBIT
$
445
$
837
$
2,017
$
3,031
Below is a reconciliation of Net income (loss) attributable to
Bunge, to Adjusted Net income (loss) attributable to Bunge:
Quarter Ended December
31,
Year Ended December
31,
(US$ in millions, except per share
data)
2024
2023
2024
2023
Net income (loss) attributable to
Bunge
$
602
$
616
$
1,137
$
2,243
Adjustment for Mark-to-market timing
difference
(172
)
(160
)
102
(356
)
Adjusted for certain (gains) and
charges:
Gain on sale of equity method
investment
(188
)
—
(188
)
—
Acquisition and integration costs
58
49
243
122
Impairment of equity method and other
investments
—
—
19
36
Ukraine-Russia war
(5
)
—
(5
)
(25
)
Fixed asset impairment
—
28
—
28
Discontinued trademarks
—
12
—
12
Adjusted Net income (loss) attributable
to Bunge (a)
$
295
$
545
$
1,308
$
2,060
Weighted-average shares outstanding -
diluted (b) (7)
138
147
142
151
Adjusted Net income (loss) per share -
diluted (7)
$
2.13
$
3.70
$
9.19
$
13.66
(a) As of July 1, 2024, Bunge changed its
methodology for calculating non-GAAP interim period Adjusted
Effective Tax Rate (“Adjusted ETR”), including quarter ended
December 31, 2024 results. This change has no impact on Bunge’s
methodology for calculating the non-GAAP forecasted and actual
annual Adjusted ETR. Therefore, the change had no impact to the
year ended December 31, 2024 results. Management believes this
methodology is better aligned to interim period US GAAP ETR
calculations and reporting, and represents an improvement over the
prior method, which calculated tax on items excluded from Adjusted
Net Income (loss) attributable to Bunge on a discrete basis in each
interim period.
(b) There were less than 1 million
anti-dilutive outstanding contingently issuable restricted stock
units excluded from the weighted-average number of shares
outstanding for the quarters and years ended December 31, 2024 and
2023.
Adjusted Funds From Operations
Adjusted FFO is calculated by excluding from Cash provided by
(used for) operating activities, foreign exchange gain (loss) on
net debt, working capital changes, net (income) loss attributable
to noncontrolling interests and redeemable noncontrolling
interests, and mark-to-market timing differences after tax.
Adjusted FFO is a non-GAAP financial measure and is not intended to
replace Cash provided by (used for) operating activities, the most
directly comparable U.S. GAAP financial measure. Bunge's management
believes the presentation of this measure allows investors to view
its cash generating performance using the same measure that
management uses in evaluating financial and business performance
and trends without regard to foreign exchange gains and losses,
working capital changes and mark-to-market timing differences. This
non-GAAP measure is not a measure of consolidated cash flow under
U.S. GAAP and should not be considered as an alternative to Cash
provided by (used for) operating activities, Net increase
(decrease) in cash and cash equivalents, and restricted cash, or
any other measure of consolidated cash flow under U.S. GAAP.
Adjusted Effective Income Tax Rate
Adjusted effective income tax rate is calculated by adding or
deducting from effective income tax rate the income tax effect of
the non-GAAP adjustments made to Net income (loss) attributable to
Bunge used to calculate Adjusted net income (loss) attributable to
Bunge; see “Net income (loss) attributable to Bunge to Adjusted Net
Income (loss) attributable to Bunge” above. These non-GAAP
adjustments are presented on a pre-tax basis. Adjusted effective
income tax rate is a non-GAAP financial measure and is not intended
to replace effective income tax rate, the most directly comparable
U.S. GAAP financial measure. Bunge's management believes that
presenting the Adjusted effective income tax rate allows investors
to consider the effective income tax rate associated with Bunge’s
core operations. We have also presented projected adjusted
effective income tax rate for 2025. This information is provided
without reconciliation to projected effective income tax rate for
2025, the most directly comparable U.S. GAAP measure, due to the
inability to quantify the amounts necessary to calculate projected
net income per share, as described above. These amounts could
result in significant adjustments from projected effective income
tax rate for 2025.
(1)
A reconciliation of Net income
(loss) attributable to Bunge, to Net income (loss) is as
follows:
Quarter ended December
31,
Year Ended December
31,
(US$ in millions)
2024
2023
2024
2023
Net income (loss) attributable to
Bunge
$
602
$
616
$
1,137
$
2,243
EBIT attributable to noncontrolling
interest
25
43
40
86
Noncontrolling interest share of interest
and tax
3
1
11
8
Net income (loss)
$
630
$
660
$
1,188
$
2,337
(2)
The Processing business included
in our Agribusiness segment consists of: global oilseed processing
activities, which principally include the origination and crushing
of oilseeds (including soybeans, canola, rapeseed and sunflower
seed) into protein meals and vegetable oils; the distribution of
oilseeds, oilseed products and fertilizer products through our port
terminals and transportation assets (including trucks, railcars,
barges and ocean vessels); fertilizer production; and biodiesel
production, which is partially conducted through joint
ventures.
The Merchandising business
included in our Agribusiness segment primarily consists of: global
grain origination activities, which principally include the
purchasing, cleaning, drying, storing and handling of corn, wheat
and barley at our network of grain elevators; global trading and
distribution of grains and oils; logistical services for the
distribution of these commodities to our customer markets through
our port terminals and transportation assets (including trucks,
railcars, barges and ocean vessels); and financial services and
activities for customers from whom we purchase commodities, and
other third parties.
(3)
Mark-to-market timing difference
comprises the estimated net temporary impact resulting from
unrealized period-end gains/losses associated with the fair
valuation of certain forward contracts, RMI, and related futures
contracts associated with our committed future operating capacity
and sales. The impact of these mark-to-market timing differences,
which is expected to reverse over time due to the forward
contracts, RMI, and related futures contracts being part of an
economically-hedged position, is not representative of the
operating performance of our business.
(4)
A reconciliation of Cash provided
by (used for) operating activities to Adjusted funds from
operations (FFO) is as follows:
Year Ended December
31,
(US$ in millions)
2024
2023
Cash provided by (used for) operating
activities
$
1,900
$
3,308
Foreign exchange gain (loss) on net
debt
(174
)
281
Working capital changes
(95
)
(673
)
Net (income) loss attributable to
noncontrolling interests and redeemable noncontrolling
interests
(51
)
(94
)
Mark-to-market timing difference, after
tax
102
(356
)
Adjusted FFO
$
1,682
$
2,466
(5)
A reconciliation of the U.S. GAAP
effective income tax rate ("ETR") to the Adjusted effective income
tax rate is as follows:
Year Ended December
31,
(US$ in millions)
2024
2023
U.S. GAAP ETR - Net income
22.1
%
23.4
%
Impact of noncontrolling interest
0.4
%
0.6
%
U.S. GAAP ETR - Net income attributable to
Bunge
22.5
%
24.0
%
Impact of Mark-to-market timing
differences
1.5
%
(0.4
)%
Impact of Certain gains and (charges)
(0.6
)%
(0.9
)%
Adjusted effective income tax
rate
23.4
%
22.7
%
(6)
We have not presented a
comparable U.S. GAAP financial measure for any full-year 2025
outlook financial measures presented on an adjusted, non-GAAP basis
because the information necessary for such presentation is
unavailable at this time. The information necessary to prepare the
comparable U.S. GAAP presentation could result in significant
differences from the non-GAAP financial measures presented in this
release. Please see “Definition and Reconciliation of Non-GAAP
Measures” for more information.
(7)
On November 1, 2023, Bunge Global
SA completed the change of its jurisdiction of incorporation of its
group holding company from Bermuda to Switzerland (the
“Redomestication”). The Redomestication, which was approved by
Bunge Limited shareholders on October 5, 2023, was effected
pursuant to a scheme of arrangement under Bermuda law. Each common
share of Bunge Limited was cancelled in exchange for an equal
number and par value of registered shares of Bunge Global SA (the
“registered shares”). References to the terms "share," "common
share," or "registered share" refer to Bunge Limited common shares
prior to the Redomestication and Bunge Global SA registered shares
after the Redomestication, unless otherwise specified.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250205763126/en/
Investor Contact: Ruth Ann Wisener Bunge Global SA
636-292-3014 ruthann.wisener@bunge.com
Media Contact: Bunge News Bureau Bunge Global SA
636-292-3022 news@bunge.com
Bunge Global (NYSE:BG)
Historical Stock Chart
From Jan 2025 to Feb 2025
Bunge Global (NYSE:BG)
Historical Stock Chart
From Feb 2024 to Feb 2025
