Bunge Global SA Files 10-Q for Q2 2024

Ticker: BG · Form: 10-Q · Filed: 2024-08-01T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, agriculture

TL;DR

Bunge Global SA's Q2 2024 10-Q is in. Check financials for performance.

AI Summary

Bunge Global SA filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Specific financial figures and operational details for the second quarter and first half of 2024 are presented, alongside comparative data from 2023.

Why It Matters

This 10-Q filing provides investors and analysts with crucial financial data and insights into Bunge Global SA's performance, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks related to market conditions, operations, or financial health.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Bunge Global SA?

Bunge Global SA is primarily involved in the FATS & OILS industry, as indicated by its SIC code [2070].

When is Bunge Global SA's fiscal year end?

Bunge Global SA's fiscal year ends on December 31 (1231).

What is the filing date of this 10-Q report?

This 10-Q report was filed on August 1, 2024 (20240801).

What period does this 10-Q report cover?

This 10-Q report covers the period ending June 30, 2024 (20240630).

What is the company's incorporation state?

The company's state of incorporation is V8.

Filing Stats: 4,913 words · 20 min read · ~16 pages · Grade level 16.5 · Accepted 2024-08-01 10:55:14

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 202 3 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 202 3 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 202 3 6 Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Three and Six Months Ended June 30, 2024 and 202 3 7 Notes to the Condensed Consolidated Financial Statements 9 Cautionary Statement Regarding Forward Looking Statements 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 56

— INFORMATION

PART II — INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 58 Exhibit Index 59

Signatures

Signatures 60 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BUNGE GLOBAL SA AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (U.S. dollars in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 13,241 $ 15,049 $ 26,658 $ 30,377 Cost of goods sold ( 12,577 ) ( 13,684 ) ( 25,118 ) ( 27,831 ) Gross profit 664 1,365 1,540 2,546 Selling, general and administrative expenses ( 449 ) ( 420 ) ( 888 ) ( 773 ) Interest income 37 40 79 83 Interest expense ( 123 ) ( 129 ) ( 231 ) ( 241 ) Foreign exchange (losses) gains – net ( 37 ) ( 66 ) ( 115 ) ( 17 ) Other income (expense) – net 57 12 125 27 Income (loss) from affiliates ( 46 ) 25 ( 38 ) 44 Income (loss) before income tax 103 827 472 1,669 Income tax (expense) benefit ( 30 ) ( 198 ) ( 147 ) ( 381 ) Net income (loss) 73 629 325 1,288 Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests ( 3 ) ( 7 ) ( 11 ) ( 34 ) Net income (loss) attributable to Bunge $ 70 $ 622 $ 314 $ 1,254 0 0 Earnings per share—basic (Note 18) Net income (loss) attributable to Bunge shareholders - basic $ 0.49 $ 4.13 $ 2.20 $ 8.34 Earnings per share—diluted (Note 18) Net income (loss) attributable to Bunge shareholders - diluted $ 0.48 $ 4.09 $ 2.17 $ 8.24 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (U.S. dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 73 $ 629 $ 325 $ 1,288 Other comprehensive income (loss): Foreign exchange translation adjustment ( 352 ) 143 ( 536 ) 268 Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $ 1 and $ 2 in 2024 and $( 2 ) and $( 3 ) in 2023 87 ( 66 ) 125 ( 92 ) Reclassification of net (gain

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