Key facts
- Bunge Global reported second-quarter adjusted earnings of $1.31 per share, exceeding analyst expectations.
- Bunge's GAAP earnings increased to $354 million ($2.61 per share) from $70 million ($0.48 per share) year-over-year.
- Bunge's revenue decreased by 3.5% to $12.77 billion in the second quarter.
- The company raised its full-year adjusted profit forecast to a range of $9.25 to $9.75 per share.
- Starbucks beat Wall Street estimates for quarterly comparable sales and earnings.
Bunge Global exceeded Wall Street's profit expectations for the second quarter, driven by improved processing margins for soybeans and other oilseeds. The company reported adjusted earnings of $1.31 per share, surpassing the average analyst estimate of $1.08 per share. This marks a significant increase from the $0.48 per share reported in the same period last year, with GAAP earnings reaching $354 million.
Despite the profit surge, Bunge's revenue for the quarter experienced a slight decline, falling 3.5% to $12.77 billion from $13.24 billion in the prior year. The company has provided guidance for its full-year earnings per share, projecting it to be $7.75. Additionally, Bunge raised its full-year adjusted profit forecast to a range of $9.25 to $9.75 per share, up from its previous projection of $9.00 to $9.50.
Separately, Starbucks beat Wall Street estimates for quarterly comparable sales and earnings. The coffee chain reported third-quarter global same-store sales growth of 7.9%, surpassing analysts' expectations of 5.67%, as a turnaround under CEO Brian Niccol gains traction despite restrained consumer spending.