Bunge Limited (NYSE:BG) vaulted after reporting second-quarter financial numbers Wednesday.
The company, out of White Plains, New York, revealed Q2 Earnings per Share of $1.43 vs. $(0.20) in the prior year; $1.52 vs. $0.10 on an adjusted basis, results that included Results include $135-million net unrealized gain on Bunge Ventures' stake in Beyond Meat, Inc (NASDAQ:BYND)
Net income proved to be $214 million, compared to a loss of $12 million in the prior-year quarter.
Said CEO Greg Heckman,"The second quarter benefited from timing differences and the contribution from a venture investment. Operating results in core businesses were generally in-line with our outlook. We remain committed to improving operational performance, optimizing the portfolio and strengthening financial discipline.
“To that end, we are pleased that subsequent to quarter-end, we reached agreement with BP on a 50/50 JV for our sugar and bioenergy business in Brazil."
In Oilseeds, structural soy crush margins were lower due to the combination of farmer retention of soybeans in anticipation of higher prices and increased meal availability with the return of Argentine supply.
However, second-quarter results benefited from approximately $70 million of timing differences in soy crush as margins decreased in many markets toward the end of the quarter.
Improved results in the quarter were primarily driven by higher margins in South America due to a better supply-demand balance. In North America, stronger demand contributed to better results versus last year. Results in Europe and Asia were comparable to last year.
Shares jumped $2.45, or 4.4%, to $58.81.
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