UPDATE 1-Bunge Q1 profit jumps more than three-fold, raises profit outlook
(Adds details on results, outlook and background)
May 4 (Reuters) - U.S. agricultural commodities trader Bunge Ltd on Tuesday said quarterly adjusted income rose more than three-fold from a year earlier, bolstered by strength in its core agribusiness segment.
The company also raised its full-year 2021 adjusted earnings per share to about $7.50 per share from its earlier forecast of at least $6 per share.
"We are optimistic that the favorable demand environment in the first quarter will continue through 2021," Chief Executive Officer Greg Heckman said in a statement.
Strong demand for North American crop exports and stout oilseed crushing margins supported results in Bunge's core agribusiness segment, largely offsetting headwinds from slow farmer sales and a weather-delayed harvest in Brazil.
Bunge's results offer investors a snapshot of how the world's largest grain traders are beginning to emerge from the COVID-19 pandemic, which triggered large shifts in food and fuel demand as consumers cooked more meals at home and avoided unnecessary travel.
Adjusted net income available for common shareholders stood at $471 million, or $3.13 per share, in the quarter ended March 31, higher than $139 million, or 91 cents per share, a year earlier.
(Reporting by Karl Plume in Chicago and Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli and Amy Caren Daniel)
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