Press Release Source: Bunge Limited
Bunge Reports 2004 Third Quarter EPS Growth of 74%
Thursday October 28, 6:30 am ET
WHITE PLAINS, N.Y., Oct. 28 /PRNewswire-FirstCall/ -- Bunge Limited (NYSE: BG - News).
Financial Highlights
(In millions, except per share data and percentages)
Quarter Ended Percent Nine Months Ended Percent
9/30/04 9/30/03 Change 9/30/04 9/30/03 Change
Volumes (metric tons) 29.0 28.9 -- % 82.6 79.7 4 %
Net sales $6,560 $5,784 13 % $18,956 $15,807 20 %
Total segment operating
profit(1) $313 $180 74 % $667 $427 56 %
Gain on sale of soy
ingredients business -- -- -- -- $111 --
Net income $182 $89 104 % $364 $311 17 %
Earnings per share(2) $1.53 $0.88 74 % $3.22 $3.08 5 %
Net income for the third quarter of 2004 was $182 million, a $93 million or 104% increase over the same period last year, and earnings per share were $1.53, a $0.65 per share or 74% increase over the same period last year.
Bunge's results included certain gains and charges that may be of interest to investors. These items totaled a charge of $(2) million, or ($0.02) per share, in the third quarter of 2004, and a gain of $7 million, or $0.07 per share, in the same quarter of 2003. Additional information is provided in the attached schedule titled "Additional Financial Information."
Overview
Alberto Weisser, Bunge's Chairman and Chief Executive Officer, stated, "We are pleased with our strong performance in the third quarter of 2004. All three of our divisions performed well, generating solid bottom line results. Bunge's year-to-date results were above expectations, despite unprecedented volatility in agribusiness markets and a disruption in soybean trade with China. This shows once again the importance of geographic and product balance, the value of operating in all parts of an integrated chain and the strength of the Bunge team.
"We are optimistic for a solid finish to the year and a strong 2005. A large North American soybean harvest and planting intentions by farmers in South America indicate ample supply. Commodity prices have returned to historical average levels, which should stimulate demand. Fertilizer volumes have stabilized at the new higher level established after last year's spectacular growth and the margin outlook continues strong. Increased biodiesel demand due to high petroleum prices and legislation in the EU and U.S. is stimulating vegetable oil demand. These are all positive indicators for 2005.
"Due to our strong results, the power of our business model and our optimistic outlook for the future, we are raising both our 2004 guidance and the base for our long-term EPS growth target." |
