Bunge rose to a new two-year high in Wednesday’s afternoon trade after the company reported Q4 financial results that topped Street forecasts. Shares were up 9.9% and earlier touched $75.12 – the highest since June 2015.
The agribusiness and food company reported adjusted net profit of $1.70 per share, up from $1.49 per share in the prior year period. Capital IQ provided a Street estimate of $1.57 per share.
Net sales were $12.06 billion, up from $11.11 billion reported for the same period last year. The Street estimate was for revenues of $11.39 billion. For 2017, the company expects EBIT to range from $895 million to $1.05 billion for Agribusiness, $270 million to $290 million from Food & Ingredients, $100 million to $120 million for Sugar & Bioenergy, and approximately $30 million from Fertilizer. Capital expenditures are expected to range from $750 million to $800 million.