In this file:
· Brazil's JBS posts Q1 net income of $273 mln, beats analysts' estimates
· Brazil's JBS sees all units benefiting from hog virus outbreak in China
Brazil's JBS posts Q1 net income of $273 mln, beats analysts' estimates
Reporting by Ana Mano; Editing by Sandra Maler and Peter Cooney, Reuters
May 13, 2019
SAO PAULO, May 13 (Reuters) - Brazil-based food processor JBS SA said on Monday that net profit rose by almost 116% in the first quarter, after the company, which produces proteins on four continents, registered revenue growth in all of its business segments.
JBS reported first-quarter net income of 1.09 billion reais ($273 million), almost double what analysts had expected.
The company said overall net revenues rose by 11.5% in the period to 44.37 billion reais, on the back of the strength of its U.S. beef division and Pilgrim’s Pride Corp U.S. poultry division. In each of those segments, net revenues rose by more than 15%.
The company’s Seara processed foods division in Brazil reported a margin contraction and reduction of sales volumes, however, because of the loss of authorization that some of its plants had to export to Saudi Arabia.
JBS said Seara increased prices by more 16.6% on average in the quarter but that it was not enough to cover a rise in the price of raw materials.
Going forward, JBS expects that the effects of African swine fever, a deadly hog virus that swept through China, will likely boost demand for all proteins, not just pork, that Seara produces in Brazil.
In a securities filing, JBS also said...
Brazil's JBS sees all units benefiting from hog virus outbreak in China
Reporting by Ana Mano, Reuters
May 14, 2019
SAO PAULO, May 14 (Reuters) - The world’s largest meatpacker JBS SA believes its plants in four continents will benefit from additional demand for meat products after an outbreak of African swine fever in China reduced pork output, causing a global supply imbalance.
Already in the first four months of the year, the company’s unit in Australia rose beef sales to China by 80%...