Bunge Stock Plunges On 1Q Loss, Lower Guidance

The company slashed its 2009 earnings guidance to a range of $4.90 to $5.40 per share from a previous forecast of $6.90 to $7.60 per share, but said it remained optimistic about a turnaround in the second half of the year.

Bunge Chief Executive Alberto Weisser, said aggressive price cuts by competitors hurt the company's retail fertilizer profit margins in Brazil and global demand for soybean meal — a major Bunge product — was soft.

"Despite this difficult start, our confidence in a recovery in our markets and a solid performance in the second half of the year remains strong," he said in a statement.