Brazil’s JBS earns nearly $320 million in Q1, beating analysts expectations

By Thomson Reuters May 14, 2024 | 4:34 PM

SAO PAULO (Reuters) – Brazil’s JBS SA, the world’s largest meat-packer, on Tuesday reported a net profit of 1.64 billion reais ($319.74 million) for the first quarter, which beat analysts’ expectations by a wide margin, according to an earnings statement.

After a strong quarter for its U.S. pork business and its beef and processed foods divisions in Brazil, JBS said earnings before interest, tax, depreciation and amortization, a measure o operating income known as EBITDA, was 6.4 billion reais in the period.

Analysts had predicted JBS’s net profit at 869.1 million reais, and EBITDA at 5.2 billion reais.

(Reporting by Roberto Samora and Ana Mano; Editing by Leslie Adler)