Bunge Global SA Q4 FY2023 results: revenue $14.9 billion, down 10.3% on the year

Bunge Global SA (BG) reported revenue of $14.9 billion for Q4 FY2023, the quarter ended 31 December 2023, down 10.3% on the same quarter a year earlier. Net income was $616 million, up 83.3% on the year, and diluted earnings per share $4.18. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$14.9 billiondown 10.3%

Net income$616 millionup 83.3%

Diluted EPS$4.18

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	14,936	14,227	n/a	n/a
Cost of revenue	13,682	13,182	n/a	n/a
Gross profit	1,254	1,045	n/a	n/a
Gross margin	8.4%	7.3%	n/a
Selling, general and administrative	495	447	n/a	n/a
Interest expense	142	133	n/a	n/a
Pre-tax income	879	503	n/a	n/a
Income tax	219	114	n/a	n/a
Effective tax rate	24.9%	22.7%	n/a
Net income	616	373	n/a	n/a
Net margin	4.1%	2.6%	n/a
Diluted EPS	$4.18	$2.47	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,448	1,388	n/a	n/a
Capital expenditure	317	264	n/a	n/a
Free cash flow	1,131	1,124	n/a	n/a
Free cash flow margin	7.6%	7.9%	n/a
Depreciation and amortisation	134	109	n/a	n/a
Share-based compensation	18.0	17.0	n/a	n/a
Dividends paid	96.0	99.0	n/a	n/a
Dividend per share	n/a	$0.66	n/a	n/a
Diluted shares, weighted	n/a	151m	n/a	n/a
Shares outstanding at period end	143m	143m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	25,372	25,133	n/a	n/a
Cash and equivalents	2,602	2,173	n/a	n/a
Receivables	2,592	n/a	n/a	n/a
Inventory	7,105	n/a	n/a	n/a
Goodwill	489	n/a	n/a	n/a
Total debt, as filed	4,882	n/a	n/a	n/a
Long-term debt	4,085	n/a	n/a	n/a
Operating lease liabilities	566	n/a	n/a	n/a
Finance lease liabilities	57.0	n/a	n/a	n/a
Shareholders' equity	10,851	11,143	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026
Revenue	15,049	14,227	14,936	13,417	13,241	12,908	13,542	11,643	12,769	22,155	23,762	21,861
Cost of revenue	13,684	13,182	13,682	12,541	12,577	12,136	12,461	11,046	12,031	21,092	22,751	21,095
Gross profit	1,365	1,045	1,254	876	664	772	1,081	597	738	1,063	1,011	766
Gross margin	9%	7%	8%	7%	5%	6%	8%	5%	6%	5%	4%	4%
SG&A	420	447	495	439	449	437	451	380	418	678	637	531
Interest expense	129	133	142	108	123	127	113	104	106	202	216	181
Pre-tax income	827	503	879	369	103	322	730	284	494	270	86.0	61.0
Tax rate	24%	23%	25%	32%	29%	28%	14%	28%	25%	32%	-2%	-23%
Net income	622	373	616	244	70.0	221	602	201	354	166	95.0	68.0
Net margin	4%	3%	4%	2%	1%	2%	4%	2%	3%	1%	0%	0%
Diluted EPS	$4.09	$2.47	$4.18	$1.68	$0.48	$1.56	$4.36	$1.48	$2.61	$0.84	$0.49	$0.35
Operating cash flow	-459	1,388	1,448	994	-1,474	1,327	1,053	-285	-1,072	854	1,347	-541
Capital expenditure	368	264	317	236	297	354	489	310	406	469	538	336
Free cash flow	-827	1,124	1,131	758	-1,771	973	564	-595	-1,478	385	809	-877
Dividends paid	94.0	99.0	96.0	95.0	96.0	96.0	91.0	91.0	94.0	139	135	136
Shares outstanding	143m	143m	143m	142m	142m	140m	134m	134m	200m	193m	194m	194m
Filing	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001996862-24-000007: the filing on EDGAR. All of Bunge Global SA's filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install