Bunge Limited (NYSE:BG) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 08:00 am ET


Bunge Limited (NYSE:BG) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Bunge Limited Second Quarter 2020 Earnings Release and Conference Call. [Operator Instructions]

I would now like to turn the conference over to Ruth Ann Wisener. Please go ahead.

Ruth Ann Wisener

Thank you, operator, and thank you for joining us this morning. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found in the Investors section of our website at bunge.com under Events and Presentations. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well. I'd like to direct you to slide two and remind you that today's presentation includes forward-looking statements that reflect Bunge's current view with respect to future events, financial performance and industry conditions.

These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Chief Executive Officer, Greg Heckman; and Chief Financial Officer, John Neppl.

I'll now turn the call over to Greg.

Gregory A. Heckman

Thank you, Ruth Ann, and good morning, everyone. Turning to slide three, you can see the agenda for today's call. I'll start with an overview of the second quarter and then hand it over to John who will go into more detail on our performance. I'll share how we're thinking about the second half of the year and close with some remarks on the second quarter and how that fits in with what we discussed during our business update last month before opening line up for your questions. I want to start by wishing you all well and hope your families and colleagues are safe and healthy. This is a relentless challenge we're all facing. I'd also like to very pointedly thank our team for their hard work, resilience and focus. Our results in the first half of 2020 are a testament to their dedication to getting the job done, and I couldn't be prouder. Last, I'd like to thank all of you who joined us for a virtual business update meeting last month. We appreciate the positive feedback we've received, and we look forward to continuing the dialogue.

With that, let's turn to the quarter, starting with slide four. Bunge delivered a very strong second quarter, with operations reflecting the way we intend to run the business going forward and demonstrating the benefit of our new operating model, leadership team and mindset. Performance across all of our core businesses was excellent. Our strong execution in committed crush capacity, exceptional coordination of trade flows and great risk management allowed us to capture above-average margins and deliver solid top and bottom line results. Across the platform, we hit record capacity utilization in crushing, reduced unplanned downtime about 20% year-over-year and had the lowest operating quarter costs for soy crush