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Brazil's JBS Q2 profit falls almost 10%, but tops estimates

SAO PAULO (Reuters) - JBS SA (OTC:JBSAY) , the world's largest meatpacker, posted an almost 10% drop in net profits, to $766 million, driven by the relative weakness of its U.S....
Brazil's JBS Q2 profit falls almost 10%, but tops estimates © Reuters. FILE PHOTO: The logo of Brazilian meatpacker JBS SA is seen in the city of Jundiai, Brazil June 1, 2017. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - JBS SA (OTC:JBSAY) , the world's largest meatpacker, posted an almost 10% drop in net profits, to $766 million, driven by the relative weakness of its U.S. beef and pork units in the second quarter, according to an earnings statement on Thursday.

Still, it beat analysts forecasts nE6N2XO018.

JBS reported a 4.6% fall in revenue for its U.S. beef division, which is normally the company's cash cow, while earnings before interest, tax, depreciation and amortization, a measure of operating profitability known as EBITDA, slumped 55% compared with the same year-ago quarter.

U.S meat processors are now reeling from the effects of lower cattle availability in North America, where a drought is leading ranchers to terminate animals rather than sending them for processing.

In the second quarter, overall U.S. pork exports fell 17.7% due to a drop in demand from China, Japan and Canada, JBS said citing USDA data.

As such, results for its U.S. pork division were affected, with JBS sales for that unit dropping 3.2% on an annual basis, to 10.3 billion reais.

JBS' Pilgrims Pride poultry united, however, provided a silver lining in the United States, as its chicken sales rose by 18.3% to 22.7 billion reais.

In Brazil, likewise, JBS' Seara processed foods division did well.

Seara sells about 47% of its output in Brazil, and that business brought in 5 billion reais ($969.24 million) last quarter, 20% more than a year ago, JBS said.

To fend off cost inflation, Seara was able to raise prepared products prices by 19% on average, while increasing sales volumes by 5%.

At the same time, Seara's export sales reached $1.1 billion, a 27.9% rise from the same quarter a year ago.

In Brazil, JBS beef products sales rose by almost 11% to 14.1 billion reais, in spite of a 12% fall in cattle processing because China temporarily halted imports from a large plant.

($1 = 5.1587 reais)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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