Bunge put up a materially stronger-than-expected Q1 due to lower-than-expected corporate expense and stronger Processing results. It maintained the full-year guide, but changed some components, including a material reduction in its full-year projected interest expense….

INGR reported a very strong Q1 with upside in all segments, but T&HS and LATAM were the standouts with >25% yr/yr growth during the period. Q1’24 was admittedly an easy comparison for those two segments,…

ADM reported better-than-expected Q1 EPS largely driven by corporate expense (adj for incentive comp expense reclassification from segments). It reiterated full-year guidance with a bias toward the low-end. Results would have been even better had…

Tyson reported strong Q2 results, $0.03 ahead of our Street-high estimate and more than a dime ahead of consensus. Yet, it did not raise full-year guidance and we view that as the primary cause of…

Pilgrim’s posted 1Q results below our/street estimates, missing HJR EPS and EBITDA by 4%/5%, respectively. All three regions drove the underperformance relative to our estimate, but the miss in Mexico was the largest on a…