JBS posts $460.8 million 1Q profit

GREELEY – Brazilian meatpacker JBS S.A. (Bovespa: JBSS3), the parent company of Greeley-based JBS USA, on Thursday reported net income of $460.8 million for the first quarter, up drastically from $23.1 million for the same period a year ago.

The earnings came out to about 16 cents per share.

Revenue, meanwhile, climbed 28 percent to $11.2 billion.

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The revenue figure was down just slightly from the fourth quarter of last year but net income still more than doubled over the previous quarter.

JBS USA’s beef division, which includes a Greeley processing plant, saw revenue grow by 14.8 percent to $5.2 billion, while its pork division saw a 15 percent slide in revenue to $762.3 million.

Pilgrim’s Pride Corp. (Nasdaq: PPC), JBS’ U.S. chicken unit in which the company owns a controlling interest, reported $2.1 billion in revenue, up 1.7 percent from a year earlier. Pilgrim’s Pride also doubled its net income for the quarter to $204.2 million.

“Our strategy over the last years allowed us to create a global production platform,” JBS CEO Wesley Batista said in a release. “Today we operate a diversified portfolio, with value-added products and strong brands worldwide. This strategy allows us to generate more solid and consistent results ongoing.”