(Bloomberg) -- Bunge Global SA expects profits this year to shrink to the lowest level since before the pandemic as the crop trader sees heightened geopolitical uncertainty. 

The company’s shares fell as much 4.7% in New York before regular trading hours.

Bunge projects full-year adjusted earnings of $7.75 a share in 2025, down 16% from last year and below the average of analyst estimates compiled by Bloomberg, according to an earnings statement Wednesday. The figure, which excludes the pending acquisition of Glencore Plc-backed Viterra, would be the lowest since 2019.

The profits companies such as Bunge make from trading and processing soybeans into meal and oil have been under pressure due to increased supplies and lack of clarity on US biofuel policy. The outlook for 2025 has also been clouded by the prospect of a trade war as President Donald Trump pushes for tariffs including against China.

“Our forward visibility is limited by the increased geopolitical uncertainty,” Chief Executive Officer Greg Heckman said in the statement. 

Adjusted earnings were $2.13 a share for the three months ended December, down 42% from a year earlier. That’s below the average of analyst estimates compiled by Bloomberg, and the lowest fourth-quarter result since 2019.

Bunge said it has received the vast majority of regulatory approvals for its acquisition of Viterra and expect to close the transaction “soon.” The conclusion of the deal originally was expected for mid-2024.

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