JBS reports big drop in 1Q earnings

JBS S.A. posted net income of $58.2 million in the first quarter, a 21-percent drop from the same period last year blamed on higher livestock prices.

JBS, the Brazilian meatpacker whose subsidiary JBS USA owns the majority of stock in Greeley-based Pilgrim’s Pride, earned $73.7 million in the first quarter of last year.

The company reported a 9-percent increase in net revenue to $8 billion during the first quarter. JBS ended the quarter with $2.6 billion in cash.

The company blamed a loss of $45.4 million from its beef unit, JBS USA Beef, which includes Australia. It also pointed to the…