Brazilian meat and poultry processor BRF SA more than doubled its third-quarter profit from the same period of 2013. BRF’s net income rose 117 percent from a year earlier to BRL624 million (US$260 million), the company stated in a filing on October 30.
BRFsaid the earnings reflected growing sales volumes and efforts begun in the first quarter this year to consolidate its sales force for smaller retail clients. The company also highlighted more efficient use of inventory levels in Brazil over the past year and improved profit margins from its sales in other countries.
Sales in its biggest foreign market, the Middle East, were up 10 percent in volume and 18 percent in revenue due mainly to improved performance in Saudi Arabia, Kuwait, Oman and Yemen. Asia and Europe also posted better sales volumes and revenues.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 61 percent from the third quarter of 2013 to BRL1.2 billion (US$500 million).
Also in the third quarter, BRF named its new CEO. Pedro Faria on September 25 was named the new global CEO, replacing Claudio Galeazzi, who will remain in the position until December 31. Currently, Faria is the CEO of the company’s international operations.
BRF is the world’s second-largest poultry producer, trailing only Tyson Foods, according to theWATT Global Media Top Companies Database.
BRF announces 3Q14 results
BRF ended the third quarter of 2014 with net income of R$ 624 million, an increase of 117.5% over 3Q13. This performance arose from the management techniques and processes that have been implemented over the last year and highlight the consistency of the Company´s results which have been growing at a fast pace.Read more at Food Business Review
UPDATE 1-Brazil BRF doubles profit on strong sales, cuts to retail team
SAO PAULO Oct 30 (Reuters) - Brazilian meats processor BRF SA more than doubled its third-quarter profit from a year earlier, beating market expectations as it trimmed its sales team and stocks. Net income rose 117 percent from a year earlier to 624 million reais ($260 million), the company said in a filing on Thursday, beating an average estimate of 498 million reais, in a Reuters survey of analysts.Read more at Reuters