JBS SA nearly doubled its earnings during the first quarter when compared to the same period one year ago. The Brazilian company earned $120 million in the first quarter of 2013, up from the $64 million recorded in the first quarter of 2012.
The company beat profit estimates of $58 million in the first quarter after revenue rose faster than costs and expenses, as beef prices and sales volumes in Brazil increased, Reuters reported.
Net revenue jumped 21 percent in an annual basis, to $9.64 billion. Sales volumes and prices for beef rose in Brazil lifting revenue at the meatpacker, the filing said. The start of poultry operations in Brazil also added to revenues, as JBS leased idle capacity from competitors.
The cost of goods sold rose to $8.65 17.5 billion from $7.12 billion a year earlier, while sales, general and administrative expenses rose to $0.79 billion from $0.61 billion in the first quarter of 2012.
Earnings before interest, tax, depreciation and amortization rose 26 percent from a year earlier to $434.5 million in the first quarter.