JBS shifts from loss to R$2bn profit in 1st quarter with U.S. operations

RIO DE JANEIRO, BRAZIL – JBS , global leader in meat and the world’s second largest food producer, posted a R$2 billion (US$377 million) net profit in the first quarter 2021, reversing the R$5.93 billion loss posted in the same period last year, according to a balance released Wednesday.

The company’s North American operations led JBS to its best performance for a first quarter, with record profits, net revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), said CFO and Investor Relations Director Guilherme Cavalcanti.

EBITDA soared 75.8% year-on-year to R$6.88 billion, while net revenue rose 33.2% in the period to R$75.25 billion.

All of JBS’s business units posted revenue increases in the quarter, although the margins of Seara and JBS Brasil were compromised by higher grain costs used in animal feed and by the increase in the price of beef, respectively.