Bunge Stock Plunges On 1Q Loss, Lower Guidance

Stock quotes in this article: BG  

SAN JOSE, Calif. (AP) — Shares of Bunge Ltd. fell Thursday after the food products and fertilizer maker reduced its 2009 profit forecast, as fiercer-than-expected price-cutting among competitors weighed the company to a first-quarter loss.

The stock fell $6.76, or 12.4 percent, to $47.74 in afternoon trading. Shares have traded in a 52-week range of $27.60 to $127.64.

Bunge said Thursday that it lost $195 million, or $1.76 per share, in the three months ended March 31. In the same period last year, the company turned a profit of $289 million, or $2.10 per share.

Sales fell 26 percent to $9.2 billion from $12.47 billion.

Analysts polled by Thomson Reuters expected a profit of 49 cents per share and revenue of $11 billion.

Bunge reported declines in all four of its main businesses — agribusiness, fertilizer, edible oil products and milling products. Sales in the agribusiness division fell 25 percent to $6.6 billion, while fertilizer sales dropped 41 percent to $699 million.

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