Bunge Global SA reported a decline in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Net sales for the third quarter decreased to $12,908 million from $14,227 million, while for the nine months, sales fell to $39,566 million from $44,604 million. The decline in revenue was primarily attributed to lower average sales prices across various segments, particularly in Agribusiness and Refined and Specialty Oils.
Gross profit also saw a significant drop, with Q3 2024 gross profit at $772 million, down from $1,045 million in Q3 2023. For the nine-month period, gross profit decreased to $2,312 million from $3,591 million. This decline reflects reduced profitability across all segments, particularly in Agribusiness, where gross profit fell by 39% in Q3 and 54% for the nine months.
Net income attributable to Bunge shareholders for Q3 2024 was $221 million, a decrease from $373 million in Q3 2023. For the nine months, net income dropped to $535 million from $1,627 million. Earnings per share also declined, with diluted EPS for Q3 2024 at $1.56, down from $2.47 in the prior year, and for the nine months, it fell to $3.73 from $10.71.
Bunge's strategic developments included the announcement of a definitive agreement to acquire Viterra Limited, with the acquisition valued at approximately $6.3 billion in shares and $2.0 billion in cash. The acquisition is expected to close pending regulatory approvals. To finance this acquisition, Bunge secured $8.0 billion in debt financing, which was later reduced to $6.0 billion following the issuance of $2.0 billion in senior notes.
The company also expanded its share repurchase program by $1.7 billion, bringing the total to $2.0 billion, with $800 million remaining for future repurchases as of September 30, 2024. Bunge repurchased 6,440,930 shares for $600 million during the nine months.
As of September 30, 2024, Bunge's total assets were $25,267 million, slightly down from $25,372 million at the end of 2023. Total debt increased to $6,195 million, up from $4,882 million, primarily due to the issuance of senior notes. Cash and cash equivalents rose to $2,836 million, reflecting a strong liquidity position despite the overall decline in profitability.
About Bunge Global SA
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