Bunge Global (NYSE:BG) Updates FY24 Earnings Guidance

Bunge Global (NYSE:BG - Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of at least $9.25 for the period, compared to the consensus earnings per share estimate of $9.45. Bunge Global also updated its FY 2024 guidance to 9.250- EPS.

Bunge Global Stock Down 2.3 %

Shares of BG stock traded down $1.98 during trading hours on Wednesday, hitting $85.86. 3,392,893 shares of the company were exchanged, compared to its average volume of 1,509,008. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.97 and a current ratio of 2.03. The stock has a market capitalization of $12.16 billion, a price-to-earnings ratio of 7.07 and a beta of 0.64. Bunge Global has a one year low of $85.08 and a one year high of $114.92. The business's 50-day simple moving average is $96.44 and its two-hundred day simple moving average is $102.06.

Bunge Global (NYSE:BG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share for the quarter, missing analysts' consensus estimates of $1.79 by ($0.06). Bunge Global had a net margin of 2.33% and a return on equity of 14.84%. The firm had revenue of $13.24 billion during the quarter, compared to the consensus estimate of $14.30 billion. During the same quarter last year, the firm posted $3.72 earnings per share. Bunge Global's revenue was down 12.0% compared to the same quarter last year. Sell-side analysts predict that Bunge Global will post 9.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Citigroup downgraded shares of Bunge Global from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $125.00 to $114.00 in a research report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Bunge Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $118.00.

Bunge Global Company Profile

Bunge Global SA operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment purchases, stores, transports, processes, and sells agricultural commodities and commodity products, including oilseeds primarily soybeans, rapeseed, canola, and sunflower seeds, as well as grains comprising wheat and corn; and processes oilseeds into vegetable oils and protein meals.