Bunge Global (BG) Q4 2023 earnings summary

Executive summary

• Strong Q4 and FY2023 execution; adjusted diluted EPS was $3.70 for Q4 and $13.66 for FY, excluding specified gains, charges and mark-to-market timing differences.

• Strategic priorities included advancing the Viterra transaction, investing in core capabilities and growth areas, and improving operational effectiveness.

• FY2024 adjusted EPS guidance is ~$9.00, reflecting current margin conditions and forward curves.

• FY adjusted funds from operations reached $2.466B, compared with $2.357B in 2022.

Financial highlights

• Q4 net income attributable to shareholders was $616M vs. $336M; diluted EPS was $4.18 vs. $2.21.

• Q4 adjusted net income was $545M vs. $494M; adjusted diluted EPS was $3.70 vs. $3.24.

• Q4 adjusted Total Segment EBIT was $837M vs. $740M; FY adjusted Total Segment EBIT was $3.031B vs. $2.855B.

• FY net income attributable to shareholders was $2.243B vs. $1.610B; adjusted net income was $2.060B vs. $2.131B, and adjusted EPS was $13.66 vs. $13.91.

• Q4 net sales were $14.936B vs. $16.660B; FY net sales were $59.540B vs. $67.232B.

Outlook and guidance

• FY2024 adjusted EPS forecast is ~$9.00, excluding announced or pending acquisitions expected to close during the year.

• FY2024 adjusted effective tax rate is forecast at 21%–25%; net interest expense $300M–$330M; capex $1.2B–$1.4B; D&A ~$450M.

• 2024 outlook: Agribusiness and Refined and Specialty Oils lower, Milling higher, Corporate and Other higher, and Non-core Sugar & Bioenergy significantly lower.