US Bunge's Q1 net income almost doubles to $180m, sales up 15%

25 April 2013 12:14  [Source: ICIS news]

LONDON (ICIS)--Bunge’s first-quarter 2013 net income almost doubled to $180m (€139m) from $92m in the same quarter last year, after its agribusiness performed well in a challenging market to help lift sales, the US-based producer said on Thursday.

Net sales for the quarter increased by 15% year on year to $14.8bn, while total segment earnings before interest and tax (EBIT) rose to $323m, from $200m in the same period in 2012.

Alberto Weisser, Bunge's chairman and CEO, said: "We had a solid first quarter. Our agribusiness team performed well, managing risk in a volatile market environment characterized by tight global supplies and challenging Brazilian logistics.

"We are pleased to see sugar & bioenergy get off to a good start to the year, and that food & ingredients continued its strong performance from the second half of last year.”

Net sales in Bunge’s agribusiness segment rose to $10.8bn from $9.32bn in the first quarter of last year, while in the sugar and bioenergy business net sales were up by 26% to $1.11bn.

Net sales of milling products in the quarter ended 31 March rose slightly to $535m from $427m in the prior-year quarter, while the edible oil products business saw net sales increase by 3.4% to $2.30bn, primarily due to improved performance in Brazil, Bunge said.

In the company’s outlook, Drew Burke, CFO, said: "We remain confident about 2013, though results will be more back-end weighted than previously expected."

"Lastly, the pending sale of the Brazilian fertilizer business remains on-track to close this year,” he added.

($1 = €0.77)

By: Franco Capaldo
+44 (0)20 8652 3214

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