Bunge (NYSE:BG) got hammered in the second quarter, surprising almost everyone, as they missed earnings estimates by more than double.
Earnings for the quarter excluding charges came to a loss of 75 cents share, while analysts had been looking for a profit of $1.31 a share.
Some reports were based on including the one-time gain of $2.4 billion, which made it appear Bunge had exploded in earnings. Including items that would be true, as they garnered earnings of $1.8 billion, or $11.15 a share.
That was up from the $313 million, or $2.28 a share last year in the same quarter.
Most investors, analsysts and traders know that game though, and the quarter was a disaster for Bunge, as earnings are measured excluding items and charges.
Revenue was also diappointing in the quarter, coming to $10.97 billion, where analysts estimated $12.17 billion.
Earnings for the year was also downwardly revised by Bunge from a range of $5.30 to $5.80 a share to a range of $3.25 to $3.50 a share.
Traders punished the company on the news, with shares dropping to
$46.94, a loss of $7.03 or 13.03 percent as of 2:17 PM EDT.