NEW YORK (TheStreet) -- Shares of Bunge (BG) are skyrocketing 7.33% to $79.05, trading on four times normal volume, following its strong second quarter earnings.
The agribusiness and food company also announced plans to to expand processing capabilities in southern Europe, China, India, and other locations, the Wall Street Journal reports.
Bunge reported second quarter earnings of $288 million, or $1.81 per share, up sharply from $136 million a year earlier, or 75 cents per share, and beating analysts estimate of $1.36.
Revenue for the quarter rose 8.4% to $16.79 billion, beating analysts estimate of $15.25 billion.
Bunge said it expects good results to continue in the second half of the year as demand for agricultural commodities remains strong.
It expects to benefit from this year's favorable weather and strong crop season.
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