SAO PAULO, Brazil (Reuters) — JBS SA, the world’s largest meat company by sales, reported stronger than anticipated results on the strength of its Brazilian and U.S. beef operations.
The company posted a narrower than expected quarterly loss of $47 million as strong beef margins were partially offset by higher financial expenses.
JBS’s consolidated net revenue grew by 20 percent to $17 billion, due partly to a hefty increase in Brazilian beef sales and a nine percent rise in revenues from its Seara processed foods division.
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Analysts on average had expected JBS to lose about $316 million during the quarter, according to Refinitiv estimates.
The company said it would pursue a listing of its shares in the United States “as soon as possible” because it would better reflect the company’s operating reality, given the large chunk of its revenues that come from outside of Brazil.
Jerry O’Callaghan, JBS’s chair and investor relations officer, did not provide a time frame for a U.S. listing, which was put off after the company admitted to bribing scores of politicians in Brazil and became the target of a U.S. Department of Justice investigation.
He also said the company recently succeeded in selling $660 million in bonds in an offering that was five times oversubscribed.
“This shows the financial market sees JBS as an interesting company,” he said.
