By Jeffrey T. Lewis
SÃO PAULO--JBS's profit shrank in the third quarter as a decline in sales at many of the Brazilian meat packer's units was exacerbated by a weaker dollar.
JBS reported net income of 572.7 million reais, the equivalent of $117 million, compared with net income of BRL4.0 billion in the year-earlier period. Earnings per share dropped to BRL0.26 from BRL1.81.
Net revenue fell to BRL91.4 billion from BRL98.9 billion. Revenue at the company's JBS Beef North America unit rose 7.2% from a year earlier in dollar terms, but declined 0.3% in Brazilian real reais. Revenue from JBS's Pilgrims Pride unit fell 2.4% in dollars, and dropped 9.3% in reais.
The sales numbers outperformed market expectations, while net income fell short. The market consensus compiled by FactSet was for revenue of BRL89.8 billion and net income of BRL740 million.
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(END) Dow Jones Newswires