Bunge’s Q1 profits fall far below expectations

In New York, Bunge’s first quarter profits fell far below Wall Street’s expectations as high corn costs cut profits at its ethanol plants. While revenue was slightly higher than expected, shares fell almost 3 percent in the morning trading after profit reports were released. Revenue in the sugar & bioenergy division during the quarter dropped to $881 million from $1.06 billion the year before, while gross profits plunged to $8 million compared to $32 million.