Bunge backs FY24 adjusted EPS ~$9.00, consensus $9.39

“Taking into account first quarter results and the current margin environment and forward curves, we continue to expect full-year 2024 adjusted EPS of approximately $9.00. In Agribusiness, full-year results are forecasted to be similar to our previous outlook and down from last year primarily due to lower results in Processing where margins remain compressed in most regions. In Refined and Specialty Oils, full-year results are expected to be similar to our previous outlook and down from the record prior year reflecting a shift in the supply environment, particularly in the U.S. In Milling, full-year results are expected to be similar to our previous outlook and up from last year. In Corporate and Other, full-year results are expected to be similar to our previous outlook and up from last year. In Non-Core, full-year results in the sugar and bioenergy joint venture are expected to be similar to our previous outlook and significantly down from last year reflecting lower Brazilian ethanol prices. Additionally, the Company expects the following for 2024: an adjusted annual effective tax rate of 22% to 25%; net interest expense in the range of $280 to $310 million, which is down from our previous expectation of $300 to $330 million; capital expenditures in the range of $1.2 to $1.4 billion; and depreciation and amortization of approximately $450 million.”