Bunge Global SA

Hello, and welcome to the Bungie Q3 2022 Earnings Results Review. All participants will be in listen-only mode. Should you need assistance, please send a word conference specialist for pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To throw your question, please press star, then two. Please note, today's event is being recorded. And now I'd like to turn the call over to your host today, Ruth Ann Weisner. Ms. Weisner, please go ahead.

Thank you, Keith, and thank you for joining us this morning for our third quarter earnings call. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found in the investor section of our website at bungie.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 Bungie's current view with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bungie 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 Greg Heckman, Bungie's Chief Executive Officer, and John Neffel, Chief Financial Officer. I'll now turn the call over to Greg.

Thank you, Ruthann. And good morning, everyone. I want to start by thanking the team. Through their outstanding focus and coordination, we delivered strong quarterly results against the backdrop of shifting operating environments. The third quarter once again demonstrates the strength of our team and the power of our global platform. Through our global organizational approach and asset footprint, we've created the ability to adapt quickly to supply and demand disruptions. Whether the markets are driven by inflation, energy costs, weather impacts, conflict, or as in this quarter, all of those factors, the team uses our expertise, relationships, and analysis to deliver for our customers on both ends of the value chain. Looking beyond the current market environment, we continue to focus on growing the business by making disciplined choices, balancing benefits and risks. Take renewable fuels. The demand for low carbon feedstocks continues to be strong and is expected to increase. We're meeting this demand in part with two partnerships we announced earlier this year. Our renewable feedstocks joint venture with Chevron is going well. and we're excited about our investment in Covercrest and its ability to develop a cover crop to bring a new low-CI renewable oil seed to market. Just two weeks ago, we announced a joint venture with Alico, the renewables division for ABP Food Group, to create a business that encompasses the full lifecycle of edible oils. This partnership will expand our portfolio of renewable feedstocks in Europe, and help address environmental and energy security challenges in key markets in that region. These partnerships are a great example of Bungie's commitment to finding innovative, sustainable solutions in the renewable space. As the global leader in oilseeds processing, we see this as our obligation and a significant long-term opportunity. At the same time, we're expanding our origination capabilities in South America with the launch of Origio. a partnership with UPL providing an integrated and complete offering of inputs, services, financing solutions, and agronomic consulting to farmers in Brazil. Turning to third quarter numbers, adjusted core segment EBIT was above last year's results and ahead of our expectations, driven by strong performances in agribusiness and refined and specialty oils. John will go into more detail on the P&L, but I want to mention the impact of higher energy costs and inflation on Bungie. Like all businesses, we are impacted by inflation or recession, but not in the same manner or magnitude as purely industrial companies due to our place in the center of the supply chain. Looking ahead, we expect the market to remain dynamic and are moving forward with our usual discipline. Based upon our execution so far and the current environment, we now expect to deliver adjusted EPS of at least $13.50 for the full year 2022, which would be our third record year in a row. In this market, having a solid balance sheet, strong liquidity, and global optionality are a competitive advantage. We're in a great position with the flexibility to operate our business, invest in our future, and return cash to shareholders in the form of dividends and share repurchases as we did here in the third quarter. With that, I'll hand the call over to John to walk through the results.