Bunge SA(BG)2025-02-05 11:44Financial Performance - Full-year GAAP diluted EPS decreased to $7.99 from $14.87 in the prior year, with adjusted EPS at $9.19 compared to $13.66[4] - Q4 GAAP diluted EPS was $4.36, up from $4.18 in the prior year, while adjusted EPS fell to $2.13 from $3.70[4] - Net income attributable to Bunge for FY24 was $1.137 billion, down from $2.243 billion in FY23[5] - For the year ended December 31, 2024, Bunge reported a net loss of $69 million, compared to a net loss of $173 million in 2023, reflecting an improvement of 60%[46] - Net income attributable to Bunge for Q4 2024 was $602 million, a decrease of 2.3% from $616 million in Q4 2023[67] - The company reported a diluted net income per share of $7.99 for 2024, down from $14.87 in 2023, a decrease of 46.3%[56] Segment Performance - Agribusiness segment net sales for Q4 were $9.909 billion, down from $10.955 billion in Q4 FY23, with segment EBIT at $563 million compared to $835 million[11] - Processing segment EBIT for Q4 was $422 million, significantly lower than $834 million in Q4 FY23, with adjusted EBIT at $241 million versus $593 million[12] - Merchandising segment EBIT increased to $141 million in Q4 from $1 million in the prior year, with adjusted EBIT at $123 million compared to $46 million[13] - Refined & Specialty Oils segment net sales decreased to $3.252 billion in Q4 from $3.513 billion in the prior year, with segment EBIT at $148 million compared to $188 million[14] - Corporate and Other segment reported an EBIT loss of $173 million in Q4, worsening from a loss of $131 million in the prior year[18] - The Agribusiness segment recorded an EBIT loss of $14 million in 2024, compared to a loss of $3 million in 2023, indicating a worsening performance[46] - The Sugar & Bioenergy segment achieved an EBIT of $188 million in 2024, with a gain on the sale of a 50% ownership share in BP Bunge Bioenergia[55] Cash Flow and Operating Activities - Cash provided by operating activities decreased to $1,900 million in 2024 from $3,308 million in 2023, primarily due to lower net income and changes in working capital[23] - Cash provided by operating activities for the year ended December 31, 2024, was $1.9 billion, down from $3.3 billion in 2023[73] - Cash and cash equivalents increased to $3,328 million at the end of 2024, up from $2,623 million at the end of 2023, reflecting a growth of 26.9%[60] Earnings Before Interest and Taxes (EBIT) - Total EBIT for 2024 was $1,792 million, down from $3,333 million in 2023, representing a decrease of 46%[56] - Total EBIT for Q4 2024 was $767 million, down 19.3% from $951 million in Q4 2023[67] - Adjusted Total EBIT for Q4 2024 was $445 million, a decline of 46.8% compared to $837 million in Q4 2023[67] Future Projections - Full-year 2025 adjusted EPS is forecasted to be approximately $7.75, excluding announced acquisitions expected to close during the year[25] - Agribusiness full-year results are expected to decline due to lower processing results, with North America and European softseeds offsetting gains in South America[26] - Capital expenditures for 2025 are projected to be in the range of $1.5 to $1.7 billion[27] Acquisitions and Corporate Actions - Bunge repurchased $500 million of shares in Q4, bringing the total for the year to $1.1 billion[4] - The company is in the late stages of regulatory processes for the acquisition of Viterra and CJ Selecta, expecting to close the transaction soon[4] - Bunge incurred $243 million in acquisition and integration costs in 2024, significantly higher than $158 million in 2023[53] Taxation - The effective income tax rate for the full year was approximately 23%, consistent with the prior year[24] - The Adjusted effective income tax rate for the year ended December 31, 2024, was 23.4%, compared to 22.7% in 2023[73]