On Nov. 2, Bunge Ltd. released third quarter financial results, reporting improved results for its sugar and bioenergy segment, driven primarily by its sugarcane milling operation, which benefitted from higher sugar and ethanol prices and volumes.
Bunge reported adjusted EBIT of $35 million for its sugar and bioenergy segment, up from $3 million during the same period of 2015. For the first nine months of the year, the segment reported $21 million in adjusted EBIT, compared to a $32 million loss during the first nine months of last year.
Overall, Bunge reported net income attributable to the company of $118 million for the third quarter, down from $239 million reported for the same three-month period of last year. Net income per common share from continuing operations-diluted, was 79 cents, down from $1.42 during the third quarter of 2015. Net income per common share from continuing operations-diluted, adjusted was 73 cents, compared to $1.24 during the same period of last year.
For the full year 2016, Bunge predicts EBIT of $60 to $70 million for its sugar and bioenergy segment. Drew Burke, chief financial officer of Bunge, attributed the improved outlook to better than expected ethanol prices. The prediction assumes normal seasonal weather patterns.