Bunge Limited (BG) reported that its fourth-quarter net loss available to common shareholders was $610 million or $4.17 per share, compared to net income of $245 million or $1.65 per share in the same quarter last year.
The latest-quarter result included non-cash, after-tax charges of $683 million, primarily includes goodwill impairment of $327 million in sugar & bioenergy segment, provisions of $298 million in discontinued operations related to pending sale of fertilizer business and $49 million related to sale of long-term recoverable taxes.
Net loss from continuing operations for the quarter was $1.99, compared to net income of $1.80 last year.
Adjusted net income from continuing operations declined to $0.57 per share from $1.80 per share in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $2.36 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $17.04 billion from $15.69 billion in the prior year quarter. Seven analysts had consensus revenue estimate of $18.81 billion for the quarter.
Drew Burke, Chief Financial Officer, said, "We expect a much improved year in 2013. In agribusiness, the combination of tight global supplies and large crops in South America should make this region the principal supplier of soybean, soy products and grain exports until Northern Hemisphere harvests begin later in the year. At that time we expect a similar situation to develop in the Northern Hemisphere. Considering our global network of assets, expertise in managing risk and export capabilities this market environment fits us well."
For 2013, the company expects the following depreciation, depletion and amortization of approximately $575 million; capital expenditures of approximately $1.2 billion, approximately 25% of which will be invested in maintenance, safety and environmental projects; and a full-year tax rate of 17% to 20%.
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