ST. LOUIS, MISSOURI, US — Weak oilseed processing margins — particularly in South America — weighed on Bunge Global SA’s core Agribusiness segment during the fourth quarter, dragging down quarterly earnings and contributing to a nearly 50% drop in full-year net income for the St. Louis-based company in fiscal 2024.

Gregory A. Heckman, chief executive officer of Bunge, told analysts during a Feb. 5 conference call that while the company continues to see the benefits of its global operating model, portfolio optimization work and financial discipline, the reality is that Bunge is operating in a “complicated global environment.”

As a result, he said Bunge now expects full-year 2025 adjusted earnings per share of approximately $7.75, down from an earlier forecast of $8.71. The sluggish financials coupled with a downward adjustment in its EPS target led shares of Bunge lower on Feb. 5. The company’s share price fell to a 52-week low of $69.78 in mid-day trading on the New York Stock Exchange on Feb. 5, down 7% from the close of $75.02 on Feb. 4.

“As we look at ‘25, we definitely are in an environment that has less visibility than normal with the trade disruptions and some of the uncertainty around US biofuels,” Heckman said.

Bunge net income in the year ended Dec. 31, 2024, was $1.14 billion, equal to $7.99 per share on the common stock, down 49% from $2.24 billion, or $14.87 per share, in fiscal 2023. Adjusted total segment EBIT decreased to $2.02 billion from $3.03 billion. On an adjusted basis, earnings per share were $9.19 per share in 2024, down from $13.66 in 2023.

Sales in 2024 were $53.11 billion, down 11% from $59.54 billion.

“Our team is prepared for the close of our business combination with Viterra,” Heckman said. “Teams of both companies have put in countless hours of planning to ensure smooth integration so that our customers at both ends of the value chain, farmers, and consumers see good continuity of service. And we expect to close the transaction soon. You likely heard we received a regulatory approval from the Canadian government last month. (We) continue to engage in constructive conversations with the regulatory authorities in China while we work through the final stages of the asset divestment process in Europe.

“We’re also in the late stage of the regulatory process for our acquisition of CJ Selecta, (which is a) leading manufacturer and exporter of soy protein concentrate in Brazil. We expect that transaction to close in the near future. In the coming weeks, we expect to close our announced partnership with Repsol to develop new opportunities to help meet the growing demand for lower carbon intensity feedstocks for the production of renewable fuels. This alliance is the first of its kind in Europe. It furthers our long-term strategy to create alternative paths towards the decarbonization of agriculture and the role we can play in the liquid fuel supply chain.

“In October, we announced the completion of the sale of our sugar and bioenergy joint venture in Brazil to BP. As we’ve discussed, it streamlines our business and allowed us to expand our stock repurchases and authorization. Planning for these large initiatives takes teamwork and cross-functional collaboration.”

Adjusted segment EBIT within the Agribusiness unit totaled $1.52 billion in 2024, down 34% from $2.3 billion in 2023. Fiscal 2024 results included a $19 million impairment charge related to a minority investment in North America as well as $6 million in insurance recoveries recorded in cost of goods sold related to certain previously damaged property as a result of the Ukraine-Russia war. Fiscal 2023 results included a $37 million fixed asset impairment charge in North America recorded in cost of goods sold as well as a mark-to-market gain of $29 million related to inventory recovered from the company’s Mykolaiv facility and other facilities in Ukraine. Net sales in the division decreased nearly 10% to $38.6 billion from $42.76 billion while volumes increased to 80.628 million tonnes from 76.019 million tonnes.

In the Refined and Specialty Oils unit, adjusted segment EBIT totaled $739 million, down 16% from $883 million in fiscal 2023. Fiscal 2023 results included accelerated amortization charges of $17 million in SG&A, primarily related to the discontinuance of the Loders Croklaan trademark. Net sales in the division decreased 13% to $12.77 billion from $14.6 billion. Volumes, meanwhile, rose, climbing to 9.134 million tonnes from 8.908 million tonnes.

Adjusted segment EBIT within the Milling unit was $93 million, up 9% from $85 million in fiscal 2023. Net sales in the division decreased 18%, falling to $1.56 billion from $1.9 billion. Volumes increased to 3.703 million tonnes from 3.391 million tonnes.