JBS posts $112.8M in Q1 earnings
May 15, 2013
by Meat&Poultry Staff
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SÃO PAULO, Brazil – JBS S.A. earned R$227.9 million ($112.8 million) in the first quarter, nearly double the R$116. million ($57.4 million) profit the company reported in the first quarter a year ago.
Net revenues advanced 22 percent to R$19.5 billion ($9.7 billion) compared to the comparable year ago quarter.
Pilgrim’s Pride Corp., a subsidiary of JBS recorded net revenue of $2.0 billion, a 7.8 percent increase over the first quarter of 2012, according to the company. Prices increases in the US and Mexico contributed to the increase.
"The increase in chicken prices also contributed to offset the increase in volatility in grain prices," JBS said. "The change in sales mix, productivity gains and the reduction in operating costs were essential to optimize the result for the period."
Net revenues in the company's US Pork segment declined in the first quarter. JBS USA Pork reported net revenues of $842 million in the first quarter, down 1.6 percent compared to $855.4 million a year ago. The company attributed the result to a decline in export volumes.
JBS USA Beef net revenues climbed 5.8 percent to $4.3 billion in the first quarter compared to $4.1 million in the comparable year-ago quarter.