NEW YORK (TheStreet) -- Shares of Bunge (BG) were soaring 9.72% to $68.66 on heavy trading volume late Wednesday afternoon after the company reported better-than-anticipated 2016 third quarter revenue.
Before today's opening bell, the White Plains, NY-based agribusiness and food company said it generated revenue of $11.42 billion in the quarter, beating Wall Street's outlook of $10.26 billion.
Adjusted earnings of 73 cents per share fell short of analysts' view of 79 cents per share, according to FactSet.
Bunge hopes that a record U.S. corn and soybean crop will help boost fourth quarter results.
The company forecasts full-year EBIT in its food and ingredients sector of $230 million to $240 million. For Bunge's sugar and bioenergy business, the company estimates full-year EBIT between $60 million and $70 million. Full-year EBIT in the fertilizer unit is projected to be approximately $30 million, Bunge said.
The company expects agribusiness to return to normal levels soon and boost "significant" earnings growth in 2017, "supported by growing protein demand, record crops in South America, and the fact that Brazilian farmers have only priced small percentages of their next year's soy and corn crops," CFO Drew Burke said in a company statement.
More than 3.38 million Bunge shares have traded so far today vs. the 30-day average of about 947,000 shares.
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