Bunge Reports Q3 EPS Beat, Misses on Revenue; Appoints New Board Members, Forms Strategic Review Committee

Bunge (BG) reported Wednesday financial results for Q3, with better-than-expected earnings and revenue that fell short of analysts’ estimates; it also said that its board of directors has appointed three new members.

The global agribusiness and food company posted earnings of $2.52 per share, compared with the prior-year period’s $0.75 per share. Analysts polled by Capital IQ were expecting EPS of $2.39.

Revenue was $11.41 billion, down slightly from $11.42 billion in the same quarter last year. The Street view was for revenue of $11.95 billion.

In a separate release, the company said that it appointed as board members Paul J. Fribourg, chairman and chief executive of Continental Grain Company; Gregory Heckman, founding partner of Flatwater Partners; and Henry W. Winship, president of Pacific Point Capital, LLC. With the addition of the three new directors, the board has expanded to 14 directors.

Additionally, Bunge formed a Strategic Review Committee, which will conduct a comprehensive, strategic review focused on enhancing long-term shareholder value. The committee will make recommendations to the CEO and the board. Bunge expects to provide future updates as appropriate.