Brazil Chicken Supplier BRF Sees Profit Triple as Costs Fall [BNN Bloomberg (Canada)]
MARFRIG GLBL FOODS S/ADR (MRRTY)
NASDAQ:AMEX Investor Relations:
ir.marfrig.com.br/en
Company Research
Source: BNN Bloomberg
Profits before items such as interests and taxes in the three-month period ended in March more than tripled from a year earlier to 2.1 billion Brazilian reais ($414 million), the company said in a filing Tuesday. That exceeded the 1.7 billion-real average of analyst estimates compiled by Bloomberg. The profit beat underscores BRF's recovery after two straight years of losses amid surging costs and a supply glut. Chicken producers globally are benefiting from a decline in prices for the grains used to feed their birds at the same time as consumer demand is rebounding. BRF, which produces everything from hams and sausages to frozen pizza, has also embarked on a plan to slash costs and boost efficiency across its operations. The result was a seasonal record, and reflect a change in the company fundamentals, Chief Executive Officer Miguel Gularte said in an interview. The company said it has seen a price recovery in almost all its regions. BRF is controlled by meat giant Marfrig
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