© Reuters. FILE PHOTO: The sun sets behind grain elevators at the Bunge Grain facility along the Ohio River in Owensboro, Kentucky, U.S., September 16, 2017. REUTERS/Brian Snyder
(Reuters) – Agricultural commodities trader Bunge (NYSE:) Ltd on Wednesday raised its full-year profit forecast on strong performance in its refined and specialty oils business, sending its shares up about 2%.
Tight supplies and strong demand have kept grain and oilseed prices high since Russia’s invasion of Ukraine, benefiting Supply chain middlemen like Bunge, which make money processing, trading and shipping crops around the world.
“We are investing in our core oilseed business as well as the growing opportunities in specialty fats and oils, renewable feedstocks and plant-based proteins,” Chief Executive Officer Greg Heckman said in a statement.
Bunge now expects full-year earnings of at least $13.50 per share, compared with its prior forecast of $12.
Net income attributable to Bunge fell to $380 million, or $2.59 cents per share, in the quarter ended Sept, 30, from $653 million, or $4.28 per share, a year earlier, partly due to higher energy costs in Europe that hurt demand, and pandemic-related restrictions.
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