(Reuters) -Grain trader Bunge beat Wall Street estimates for third-quarter adjusted profit on Wednesday, boosted by the closing of its acquisition of Viterra and by a recovery in processing margins and higher volumes of crop sales.
The world’s largest oilseed processor’s quarterly performance was also helped by a drop in soybean prices.
“In our first full quarter since closing the Viterra transaction, our combined team delivered strong results in a complex market and regulatory environment,” CEO Greg Heckman said.
Bunge completed its merger with Glencore-backed Viterra in July, two years after announcing the $34 billion mega-deal.
Net sales from the company’s soybean processing and refining were up at $10.86 billion in the reported quarter, from $7.86 billion a year ago.
The company posted an adjusted profit of $2.27 per share for the three months ended September 30, compared with analysts’ average estimate of $2.09 per share, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Shailesh Kuber)
