Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Bunge lowers 2020 outlook after first-quarter loss

Published 05/06/2020, 07:10 AM
Updated 05/06/2020, 07:15 AM
© Reuters.
ADM
-
BG
-

(Reuters) - Agricultural commodities trader Bunge Ltd (N:BG) on Wednesday lowered its full-year outlook, as its edible oils business takes a demand hit from the coronavirus outbreak and its sugar and bioenergy joint venture suffers a steep crash in Brazilian ethanol prices.

The company swung to a loss in the first quarter amid the pandemic, which has roiled markets and global supply chains, but its results do not yet reflect the more recent oil price crash and its related impact on ethanol pricing.

"We did not experience significant disruptions to our business from COVID-19 in the first quarter, although we did start to see the impact of changing consumer behavior in parts of our edible oils business in March," CEO Greg Heckman said in a statement.

Rival agribusiness Archer Daniels Midland Co (N:ADM) last week highlighted supply-chain disruptions caused by the outbreak after reporting stronger-than-expected quarterly results. Privately-held Cargill Inc canceled its most recent earnings release due to the pandemic.

St. Louis, Missouri-headquartered Bunge said adjusted loss attributable in the three months ended March 31, was $181 million, compared with a profit of $59 million a year earlier.

On a per-share basis, the company incurred an adjusted loss of $1.34 against a profit of $0.36 a year earlier.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.