Miller Magazine Issue 137 May 2021

40 MILLER / may 2021 NEWS U.S. agricultural commodities trader Bunge Ltd said its first-quarter adjusted earnings more than tripled from a year ago as strong crop export demand and stout oilseed crushing margins bolstered its core agribusiness segment. The St. Louis-based company also raised its full-year 2021 adjusted earnings outlook to about $7.50 per share from its earlier forecast of at least $6 per share as easing COVID-19 pandemic restrictions ignite more demand from food service customers and as biofuel production expands. “COVID is still very much a factor in most parts of the world, especially in Brazil and India. ... In regions where restrictions are easing, we’re seeing increased demand in pricing across the range of products as people begin to get back to regular life patterns,” Chief Executive Greg Heckman said. Bunge recorded a sixth straight quarterly profit increase as rising crop prices triggered active farmer sales in North Amer- ica and Australia, boosting supplies for Bunge’s core agribusi- ness unit to buy, sell and process. The company is working on squeezing more production out of its existing oilseed crush and refining operations to capitalize on soaring vegetable oil demand from the rapidly growing renewable diesel sector, Heckman said. Although some rivals have announced plans for new crush facilities, Heckman said Bunge would first need to be “comfortable with the long-term returns.” Bunge’s results offered the latest glimpse at how the world’s largest grain traders are emerging from pandemic lockdowns that triggered major shifts in food and fuel demand. Bunge’s adjusted net income available for common share- holders rose to $471 million, or $3.13 per share, in the first quarter, from $139 million, or 91 cents per share, a year earlier, and above an average analyst estimate of $1.54 a share, ac- cording to Refinitiv data. REUTERS Sukup Manufacturing Co. announced the company is ac- quiring certain assets of Global Fabrication, Inc., a full service fabrication facility located in Hampton, Iowa. This expansion will allow Sukup to double its manufacturing capacity for cat walks, towers, and other structural products while maintaining a commitment to employment in North Central Iowa. The existing facility is approximately 70,000-square feet. Sukup is currently accepting applications for immediate hires at this location. Steve Sukup, President and CEO of Sukup Manufacturing, said, “This is the second facility expansion Sukup has an- nounced in 2021, and we believe this investment in our man- ufacturing facilities is a positive sign of continued growth as a company. Ultimately, our goal is to create products that help farmers feed and fuel the world, and this additional space and personnel is necessary to meet demand. One of our top prior- ities in this acquisition is to retain many of Global Fab’s current employees. We look forward to a smooth transition, and adding manufacturing capacity for our material handling products.” “Sukup is a trusted employer in North Central Iowa,” said Todd Hall of Global Fabrication. “We appreciate Steve Sukup's leadership through this process, and are confident the employ- ee transition will go smoothly. It's great to know that Global Fab will be part of Sukup's positive impact on the agriculture industry moving forward." Bunge more than triples its first-quarter profit Sukup acquiring assets of Global Fabrication