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SMALL BUSINESS
Bunge cuts outlook on weak fertilizer sales
AP
WHITE PLAINS, N.Y. -Seed and agribusiness company Bunge Ltd. on Thursday lowered its full-year outlook and said weak fertilizer sales are expected to continue.
The company now expects earnings between $3.10 to $3.50 per share, based on 128 million shares outstanding. It previously expected earnings of $4.90 to $5.40 per share on 138 million shares outstanding.
"Fertilizer results will be weaker than we previously expected due to a softer pricing environment both internationally and in Brazil," said CFO Jacqualyn Fouse in a statement. "In consideration of this fertilizer outlook, we have revised our 2009 full-year earnings guidance."
Analysts polled by Thomson Reuters forecast 2009 income of $4.69 per share.
The news came as Bunge reported third-quarter profit edged down on weak fertilizer sales.
Shares fell $4.94, or 7.4 percent, to $61.97 in morning trading. The stock has traded between $27.60 and $72.97 over the past year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-22 10:44:16
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