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

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

SAO PAULO, March 13 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)