By Jeffrey T. Lewis
SÃO PAULO--Brazil's JBS SA, the world's largest meat processor, said Wednesday its third-quarter profit increased as sales jumped and the stronger dollar boosted revenue from the company's U.S. units.
The meatpacking giant said it had net income of 7.6 billion reais, the equivalent of $1.4 billion, compared with profit of 3.2 billion reais in the year-earlier period. Revenue rose to 92.6 billion reais from 70.1 billion reais last year. Adjusted earnings before interest, taxes, depreciation and amortization increased to 13.9 billion reais from 8 billion reais.
The company's U.S. beef unit's sales increased 34.2% from a year earlier to 38.6 billion reais, and in dollars the unit's sales rose 38.1% to $7.4 billion. Sales at JBS USA Pork increased 42.2% to 10.9 billion reais, and in dollars rose 46.3% to $2.1 billion.
Sales at the Brazilian units also jumped, with JBS Brazil revenue up 35.3% to 15.5 billion reais and revenue from its Seara unit up 38.2% to 9.6 billion reais.
The company's board approved a plan to buy back as many as 129.1 million of its outstanding shares, and to cancel 137.3 million treasury shares.
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(END) Dow Jones Newswires