Record Revenue for JBS15 November 2012
BRAZIL - Brazilian meat processing giant JBS posted record net revenue of R$19.4 billion in the third quarter of the year - 24.4 per cent higher than for the same period in 2011.
Consolidated gross profit was R$2,477.2 million, an increase of 46.2 per cent over 2011 and 17.0 per cent over the second quarter of 2012.
Consolidated EBITDA for the quarter was R$1,378.8 million, an increase of 75.2 per cent over the third quarter of 2011. EBITDA margin was 7.1 per cent.
JBS Mercosul presented revenue of R$4,597.8 million, 17.7 per cent over 2011. EBITDA was R$665.6 million, an increase of 46.7 per cent above the same period last year, with an EBITDA margin of 14.5 per cent, 290 bps higher compared to the third quarter of 2011.
JBS USA Chicken (Pilgrim's Pride Corporation) posted net revenue of US$2.1 billion and adjusted EBITDA of US$105.6 million during the quarter, in contrast with the negative result presented in the third quarter of 2011. EBITDA margin for this quarter was 5.1 per cent.
JBS USA Beef, which includes Australia, presented revenue of US$4,275.9 million in the quarter, 1.6 per cent above the same period last year. the third quarter EBITDA returned to its normalized range for this business unit, and came in at US$175.1 million, with an EBITDA margin of 4.1 per cent.
JBS posted a record adjusted net income for the quarter of R$495.4 million (excluding deferred income tax liabilities generated through goodwill at the holding Company). This tax liability is a provision and is disbursed only if the Company sells the related investment.
The Company ended the quarter with R$5.0 billion in cash, corresponding to more than 90 per cent of short-term debt.
JBS is scheduled to open six new beef plants in Brazil in the coming months aat Rolim de Moura, state of Rondonia which is due to initiate operations on 19 November, Nova Andradina (Mato Grosso do Sul) with start-up scheduled for 3 December, Pontes e Lacerda and Vila Rica, both in the state of Mato Grosso, scheduled to start on 7 January, Senador Canedo (Goias) scheduled for 4 February and Castelo dos Sonhos, in the Northern state of Para, scheduled for 8 April. These plants will add a total capacity of 1.2 million head by 2013, which represents 15 per cent increase over the current capacity in Brazil.
TheMeatSite News Desk