Dive Brief:
- Bunge's third quarter revenue dipped more than expected — 21% — as the oilseeds and grains business wasn't strong enough to fix other company issues.
- Bunge slashed its capital spending outlook for 2015 from $875 million to $750 million, though the company said this had to do with project timing.
- Most segments saw profits fall, including fertilizer, sugar and bioenergy ($3 million from $44 million), and food ($45 million, down from $74 billion). Agribusiness earnings, however, rose 16%, with U.S., Brazil, Argentina and Europe soybean processing helping the uptick.
Dive Insight:
Bunge is yet another agriculture company struggling with lower commodity prices and decreased demand across the world.
CEO Chief Soren Schroder said the company anticipates at least $1 billion in agribusiness profit in 2015.
Bunge North America purchased Whole Harvest Foods earlier this month. Whole Harvest manufactures products like frying oils, pan sprays, and liquid butter alternatives.
Premarket, Bunge shares didn't move.
