Bunge Ltd., White Plains, N.Y., reported first-quarter Fertilizer segment EBIT of $1 million, up from a year-ago loss of $2 million. The company said higher results were driven by Argentine operations, where lower costs more than offset lower margins. However, the company said based on the current market environment, full-year results for the segment would be lower.
The segment reported first-quarter gross profit of $5 million on net sales of $69 million, compared to the year-ago $5 million and $58 million, respectively. Volumes were up at 196,000 mt from 172,000 mt.
Company-wide, Bunge reported net income attributable to Bunge of $45 million ($0.26 per diluted common share) on sales of $9.9 billion, up from the year-ago loss of $21 million ($0.21 per share) and $10.6 billion, respectively. The company cited better oilseed crush volumes and margins within its Agribusiness segment, improved Food & Ingredients results due to a full quarter of Loders Croklaan ownership and higher margins in Brazil operations, and streamlined operations from its Global Competitiveness Program.