Why Agribusiness, Food Company Bunge Saw Shares Trading Higher Today
Portfolio Pulse from Nabaparna Bhattacharya
Bunge Limited (NYSE:BG) reported a Q3 2023 sales decline of 15.1% YoY to $14.227 billion, missing the analyst consensus of $15.32 billion. However, its adjusted EPS of $2.99 beat the analyst consensus of $2.50. The company raised its fiscal year 2023 adjusted EPS outlook to $12.50 from the previous $11.75. BG shares are trading higher by 5.07% at 107.36.
October 26, 2023 | 5:46 pm
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Bunge Limited reported a sales decline but beat EPS estimates and raised its FY 2023 EPS outlook. This led to a rise in its stock price.
Despite the sales decline, Bunge Limited's stock price rose due to the positive EPS results and raised outlook. Investors seem to be focusing more on the company's profitability and future earnings potential.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100