(Adds details from earnings statement)
SAO PAULO, May 13 (Reuters) – Brazil-based food processor JBS SA said on Monday that net profit rose by almost 116% in the first quarter, after the company, which produces proteins on four continents, registered revenue growth in all of its business segments.
JBS reported first-quarter net income of 1.09 billion reais ($273 million), almost double what analysts had expected.
The company said overall net revenues rose by 11.5% in the period to 44.37 billion reais, on the back of the strength of its U.S. beef division and Pilgrim’s Pride Corp U.S. poultry division. In each of those segments, net revenues rose by more than 15%.
The company’s Seara processed foods division in Brazil reported a margin contraction and reduction