US agribusiness Bunge has cut its third-quarter and full-year earnings guidance after the US Department of Agriculture lowered its soybean crop forecast.
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White Plains, New York-based Bunge said it now expected third-quarter net income of between US$75m and $80m, or 75 to 80 cents a share, compared to a previous estimated of $90m to $95m, or 90 to 95 cents a share.
For the full year, Bunge said it expects earnings of between $360m and $370m, or $3.61 to $3.71 per share, compared to a previous estimate of $380m to $390m, or $3.81 to $3.91 per share.
