Brazil's BRF swings back to quarterly profit, revenue up by double digits
Adds earnings details
SAO PAULO, Nov 13 (Reuters) -Brazilian pork and chicken processor BRF BRFS3.SA posted on Wednesday a 1.1 billion real ($189.5 million) net profit for the third quarter, following a 262 million real loss for the same period last year.
Analysts expected a 1.3 billion real net profit for the July-to-September period.
WHY IT'S IMPORTANT
BRF is one of the world's largest pork and chicken processors.
BY THE NUMBERS
The company's core profits, or adjusted earnings before, interest, taxes, depreciation and amortization (EBITDA), came in at 3 billion reais, up nearly 150% year-on-year and almost in line with the 2.9 billion reais expected by analysts polled by LSEG.
Adjusted EBITDA margins rose to 19% from nearly 9%.
Net revenue increased some 12% to 15.5 billion reais, with its key Brazilian business rising more than 10%.
KEY QUOTE
"The rising numbers are driven by efficiency gains, expansion of export destinations and growth in the share of processed products in (total) sales," said Chief Executive Officer Miguel Gularte in a statement.
($1 = 5.8061 reais)
Reporting by Roberto Samora and Andre Romani in Sao Paulo; Editing by Kylie Madry and David Alire Garcia
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