Companies across the food sphere report earnings this time of year, so Food Dive breaks down the latest earnings news all in one place.
JBS beefs up with soaring profits
Brazil's JBS SA, the global leader in beef exports, saw an astounding close to 20-fold increase in net profits at 1.39 billion reais ($457 million) for Q1, according to reports from Reuters and Agrimoney.com.
These profits came in part from another massive 704.5% increase in operating income and a reversal of net financial results, which were 83.9 million reais, a massive leap over a negative 869.3 million reais last year.
The company's total revenues for the quarter also rose 28%.
All JBS' efforts as of late have been dedicated toward constructing a global production platform. A diversified portfolio, strong global brands, and value-added products are all shining points which led to the consistent results in the company's most recent report.
A great deal of that success is felt in the U.S., where JBS USA typically contributes 83% of the company's net revenue in dollars. JBS USA Beef, which includes Pilgrim's Pride and Swift, reported a 14.8% increase in revenues for the quarter. JBS also recently announced that Brazil is closer than ever to begin exporting beef to the U.S., reports Reuters.
Chiquita doubles down on net loss
Chiquita Brands International reported more than double its net loss for the first quarter at $64.6 million, compared to $24.6 million in the same quarter last year, reports Eurofruit.
The company also saw lower net sales, which fell from $762 million in Q1 2014 to $725 million this past quarter.
Chiquita is still dealing with the headache of its failed Fyffes merger as well, having piled up legal, advisory, and other costs of about $48 million.
Chiquita is still in transition since its acquisition by Cutrale-Safra earlier this year, which the company says could last 12 to 18 months from the announcement date in mid-January.
The transition includes relocating its headquarters from Charlotte, NC, as well as other restructuring and relocation plans. The costs for the transition are estimated between $25 million and $40 million. Chiquita also laid off about 300 employees in Latin America in the first two months of the year, which set the company back $5 million in severance fees.