JBS sees 3Q profit slide 74 percent

GREELEY – Brazilian meatpacker JBS SA (Bovespa: JBSS3), the parent of Greeley-based JBS USA, this week posted a third-quarter profit that was down 74 percent from the same period a year ago.

JBS released its earnings report for the quarter ending Sept. 30 on Monday evening.

The net income came in at $259.5 million, or 9 cents per share. But that was down from a profit of $1 billion, or 35 cents per share, a year earlier.

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Revenue declined from $12.6 billion a year ago to $12.1 billion in the third quarter of this year.

JBS USA Beef, which includes sales in Australia and Canada, saw revenue slide 6.8 percent to $5.4 billion due, the company said, to a decline in beef prices in the U.S. market.

JBS USA Pork, driven largely to the acquisition of Cargill’s pork business late last year, saw revenue increase 72 percent to $1.4 billion.

Pilgrim’s Pride Corp. (Nasdaq: PPC), JBS’ U.S. chicken unit in which the company owns a controlling interest, posted revenue of $2 billion, down 3.8 percent from a year earlier.

JBS in October scrapped a major reorganization that would have seen the Greeley operations become part of a new publicly traded firm listed on the New York Stock Exchange.