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Brazil's JBS posts $220 mln fourth-quarter profit
March 13, 2017 / 11:35 PM / 9 months ago

Brazil's JBS posts $220 mln fourth-quarter profit

SAO PAULO, March 13 (Reuters) - Brazilian meatpacker JBS SA reported fourth-quarter net income of 694 million reais ($220 million) on Monday, reversing a loss of 275 million reais a year earlier, when restructuring and hedging costs hammered its bottom line.

Last quarter’s profit missed an average estimate of 844 million reais in a Reuters survey of analysts.

The rebounding profit contributed to signs that JBS is turning the corner after a spike in feed costs, a tight cattle market, weak Brazilian demand and sharp currency swings weighed on the meatpacker’s performance.

Earnings before interest, taxes, depreciation and amortization slipped 0.6 percent to 3.1 billion reais, below an average estimate of 3.438 billion reais.

In a separate filing on Monday, JBS said it had reached an agreement to acquire U.S.-based ham and bacon producer Plumrose USA for $230 million. ($1 = 3.1520 reais) (Reporting by Anthony Boadle; Editing by Mary Milliken)

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