ALTHOUGH Brazil-based JBS S.A., the world's largest meat processor, posted lower first-quarter earnings for 2014, it posted 35% growth in net revenues over the first quarter of 2013.
JBS declared a net profit for the first quarter of 2014 of 70 million reals, a drop from 227.9 million reals in the same period last year. On the other hand, net revenues increased to 26.4 million reals.
Looking at individual segments, JBS USA Pork registered net revenues of $896 million, up 6.5% from the first quarter of 2013. Pilgrim's Pride Corp., the U.S. chicken division, held stable with the previous year due to weak chicken prices, with net revenues of $2.02 billion. The JBS USA Beef division, which includes operations in the U.S., Canada and Australia, posted net revenues of $4.52 billion, an increase of 4.8%.
Furthermore, JBS announced last week that it has filed for an initial public offering (IPO) for JBS Foods S.A., the company's Brazilian pork, poultry and food processing subsidiary.
The voting shares of JBS Foods will be listed in Brazil's Novo Mercado, dependent upon regulatory approval and market conditions.
Further details on the IPO have not been released.