Activists Add Four Board Seats as Bunge Lowers Guidance; We Trim FVE to $74; Shares Undervalued
Bunge reported solid third-quarter results as segment EBIT tripled year on year to $535 million, due primarily to a higher soy crush spread. However, in its earnings release, management lowered full-year adjusted segment EBIT guidance by $100 million, to $1.2 billion, on lower profit margins in the food and ingredients, and sugar businesses, partially offset by an increased outlook for the fertilizer business.ÂAlthough we updated our near-term outlook, our long-term forecast is intact. We've sl...
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