JBS REPORTS THIRD QUARTER EARNINGS
Nov 11, 2008
JBS S.A. recently reported a giant boost in earnings during the company’s fiscal third quarter, citing the depreciation of the Brazilian real against the dollar and rising exports. For the quarter ended Sept. 30, the Sao Paulo-based beef producer said it netted a profit of $318 million, compared with a loss of $36.9 million in the same period a year earlier. Earnings before interest, taxes, depreciation and amortization rose to $221.9 million, up from $82.5 million a year earlier. Revenue for the quarter jumped nearly 49 percent, to $7.8 billion, from $5.2 billion in the same quarter last year. JBS-Swift & Co.’s U.S. beef and pork operations account for 57 percent of the company’s sales. Beef sales in the third quarter reached $2.75 billion, up 4.8 percent from the year-earlier period. The company cited an increase in export sales to $880.5 million, from $846.3 million.