* Net income at 242.2 mln reais beats estimates in poll
* EBITDA, net revenue miss estimates despite volumes
SAO PAULO May 14 JBS SA, the world's
largest meatpacker, beat profit estimates in the first quarter
after revenue rose faster than costs and expenses, as beef
prices and sales volumes in Brazil increased.
The São Paulo-based company earned 242.2 million reais ($120
million) in the first quarter, almost twice the 129.5 million
reais profit recorded in the same period a year earlier, a
securities filing said on Tuesday. The result beat the average
estimate of 118 million reais in a Thomson Reuters poll of five
Net revenue jumped 21 percent in an annual basis, to 19.5
billion reais. The result missed the 20.4 billion reais estimate
in the poll.
Sales volumes and prices for beef rose in Brazil lifting
revenue at the meatpacker, the filing said. The start of poultry
operations in Brazil also added to revenues, as JBS leased idle
capacity from rivals.
The cost of goods sold rose to 17.5 billion reais from 14.4
billion reais a year earlier, while sales, general and
administrative expenses rose to 1.6 billion reais from 1.24
billion reais in the first quarter of 2012.
Earnings before interest, tax, depreciation and
amortization, a measure of operational profitability known as
EBITDA, rose 26 percent from a year earlier to 879.4 million
reais in the first quarter. The poll predicted EBITDA of 913.4
million reais for the quarter.
JBS, which grew from a small slaughterhouse in the
midwestern Brazilian state of Goias about 40 years ago into a
multinational company with operations in more than a dozen
countries, said it generated 58.6 million reais of cash from
operations during the first quarter.
Net debt, or total debt excluding the company's cash
holdings, stood unchanged at the equivalent of 3.4 times EBITDA
at the end of March, from the previous three months, the filing
Management is expected to discuss earnings on Wednesday on a
conference call with investors.