JBS reported net income up in FY 2017

JBS’ reported net income for fiscal year 2017 was BRL534.2 million (US$159.6 million), a 126 percent increase when compared to its reported net income for the previous fiscal year.

Photo courtesy of JBS
Photo courtesy of JBS

JBS’ reported net income for fiscal year 2017 was BRL534.2 million (US$159.6 million), a 126 percent increase when compared to its reported net income for the previous fiscal year.

The Brazilian meat and poultry company reported its quarterly and annual financial results on March 28.

“In 2017, we ended another year with solid, consistent results that demonstrate our capacity to overcome challenges,” JBS Global CEO Jose Batista Sobrinho said in a statement. “The determination and discipline of our team were essential in achieving one of the best operational results in our history.”

While the reported net income for the company was up, its net revenue for the fiscal year slid 4.2 percent on a year-over-year basis to BRL163.2 billion (US$48.8 billion).

Fourth quarter results

For the fourth quarter, JBS recorded a net loss of BRL451.7 million (US$135 million), compared to a net income of BRL662.8 million (US$198.1 million) for the fourth quarter of fiscal year 2016. The company’s net revenue for the fourth quarter was BRL42.7 billion (US$12.8 billion) a year-over-year increase of 2.7 percent.

Net revenue by business unit

The Seara and JBS Brazil units saw declines in net revenue in both the fourth quarter and the full fiscal year, while its Pilgrim’s Pride, JBS USA Beef and JBS USA Pork units saw increases in net revenue for both periods.

Seara’s net revenue for the fourth quarter was BRL4.5 billion (US$1.3 billion), down 4.5 percent on a year-over-year basis. Its net revenue for the fiscal year was BRL17.5 billion (US$5.2 billion), down 3.8 percent from FY 2016.

JBS Brazil’s net revenue for the fourth quarter was BRL5.9 billion (US$1.8 billion), a drop of 18.1 percent. For the full fiscal year, the net revenue was BRL23.4 billion (US$7 billion), a decline of 16.9 percent.

Pilgrim’s Pride achieved a net revenue of US$2.74 billion for the fourth quarter, an increase of 15.7 percent. Its net revenue for the year was US$10.8 billion, an increase of 9 percent.

JBS USA Beef’s net revenue increased 6.6 percent to US$5.7 billion for the fourth quarter, while it increased 5.4 percent to US$21.7 billion for the full year. JBS USA Pork’s net revenue increased 16.4 percent to US$1.6 billion for the fourth quarter, while its net revenue for increased 16.2 percent to US$6.2 billion for the full year.

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