Bunge Gains 4%+ as Q2 Beats
July 23, 2009 | Comments : 0
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July 23, 2009
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Despite lackluster revenue, Bunge Ltd. ( BG - Snapshot Report ) reported better-than-expected second-quarter results, sending its shares higher by more than 4% so far today.
The company posted adjusted earnings of $2.13 per share, beating the consensus estimate by a significant margin of 213%, or $1.45.
The agribusiness major’s sales fell 23% to 10.99 billion.
Meanwhile, the company maintained its full-year earnings guidance of $4.90 to $5.40 per share citing expectations of a strongperformancein the second half of the year.
The outlook is well above the consensus forecast of $4.48 per share, derived from 7 covering analysts, which has remained constant over the past 2 months.
BG, a Zacks #3 Rank ("Hold") stock, is trading on higher-than-usual volume of about2.0 million, compared to the average daily volume of approximately 1.4 million.
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