UPDATE 1-Bunge profit tops Street view on strong agribusiness results
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By Karl Plume
July 31 (Reuters) - Bunge Ltd, one of the world's largest agricultural trading houses, on Thursday reported higher-than-expected second-quarter earnings as strong demand and record large soybean crops in the Southern Hemisphere bolstered oilseed processing margins.
The White Plains, New York-based company forecast a solid second half of 2014, skewed toward the fourth quarter, on steady global demand for crops and as the U.S. and European harvests replenish stocks.
Bunge reported net earnings of $272 million, or $1.81 per share, compared with $110 million, or 75 cents per share.
Excluding special items, earnings per share were $1.76. Analysts on average had expected $1.36, according to Thomson Reuters I/B/E/S.
Revenue rose to $16.8 billion from $15.5 billion, beating the analysts' average estimate of $15.25 billion.
Bunge is among the four large players known as the "ABCD" companies that dominate the flow of agricultural goods around the world. The others are Archer Daniels Midland Co, Cargill Inc and Louis Dreyfus Corp.
"We expect the momentum of the second quarter to carry through for the remainder of the year and that we will meet or exceed our targeted full-year combined returns in agribusiness and food and ingredients of 1.5 points above cost of capital," Chief Executive Officer Soren Schroder said. Continuación...