White Plains, N.Y. — Bunge Ltd. reported fertilizer EBIT of a negative $74 million for the first quarter ending March 31, 2012, compared to a year-ago negative $1 million. Some $27 million of the current quarter total was due to a legacy environmental claim in Brazil dating back to 1998. Volumes were up, at 1.1 million mt from 982,000 mt; however, margins were lower, and were pressured by falling market prices in the quarter. Results in the Moroccan joint venture were also down in the quarter, primarily due to lower international prices and scheduled maintenance. Total fertilizer sales were $600 million, up from the year-ago $515 million. Gross profit was a negative $8 million, down from the year-ago positive $36 million. Bunge expects fertilizer conditions to improve with the start of the traditional sales season later this year. Company-wide, net income attributable to Bunge common shareholders was $84 million ($.57 per diluted share) on sales of $13.4 billion, compared to the year-ago $224 million ($1.49 per share) on sales of $12.2 billion.
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