Bunge Reports Fourth Quarter and Full-Year 2018 Results

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Overig advies 22/02/2019 07:23
White Plains, NY - February 21, 2019 - Bunge Limited (NYSE: BG) today reported Q4 2018 and full-year 2018 results.
• Full-year 2018 GAAP EPS of $1.57 vs. $0.89 in the prior year; $2.72 vs. $1.94 on an adjusted basis;
• Q4 GAAP EPS of $(0.51) vs.$(0.48) in the prior year; $0.08 vs. $0.67 on an adjusted basis
• Agribusiness impacted by decline in value of Brazilian soybean ownership; full year results up 114% on strong soy crush margins
• In Food & Ingredients, Loders Croklaan integration proceeding as planned
• Sugar & Bioenergy impacted by heavy rains as poor crop year came to an end
• Global Competitiveness Program delivered $200 million of savings in 2018, expect $50 million of additional savings in 2019, reaching original target a year ahead of schedule
• Strategic Review and CEO search progressing

Overview
Kathleen Hyle, Bunge's Non-Executive Board Chair, stated, “Although 2018 was a substantially better year than 2017, we are not satisfied with these results, and we know that Bunge has the global assets and people to perform better in the future. In the past several months, the Company has taken a number of significant and positive steps to reposition itself for sustainable growth, including announcing a leadership transition and enhancing its leadership team, refreshing our Board and establishing a Strategic Review Committee of the Board."
Ms. Hyle continued, “The Committee initiated and is continuing a thorough, outside-in review of all of Bunge’s businesses. At the same time, we are committed to addressing underperforming assets as part of our effort to enhance shareholder value, and we are strengthening our risk management capabilities, as they are foundational to everything we do. The Board and the leadership team are moving with speed and accountability to drive results.”
Acting CEO Greg Heckman commented, “Even in my short time leading the company, I see many strengths. We have a world-class global network of assets and a talented team of people, all of whom are committed to driving the business forward. While the Strategic Review Committee continues its work, we are refocusing the organization and placing greater emphasis on improved execution. Our key priorities are to drive operational performance, optimize the portfolio, strengthen our capital allocation framework and sharpen our financial discipline. I am confident that with the actions we are taking, we will be able to better leverage Bunge’s asset base and increase shareholder returns.”

see & read more on
https://www.bunge.com/sites/default/files/attachments/bunge_reports_fourth_quarter_and_full-year_2018_results.pdf



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