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BRF SA Q1 profit climbs 64.8% YOY

BRF SA said its first-quarter normalized net income came to 50 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 48 centavos per share.

EPS increased 67.7% year over year from 30 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 425.2 million reais, an increase of 64.8% from 258.1 million reais in the year-earlier period.

The normalized profit margin climbed to 5.2% from 3.8% in the year-earlier period.

Total revenue grew 5.1% on an annual basis to 7.05 billion reais from 6.71 billion reais, and total operating expenses grew year over year to 6.20 billion reais from 6.10 billion reais.

Reported net income grew 42.8% from the prior-year period to 461.6 million reais, or 54 centavos per share, from 323.3 million reais, or 37 centavos per share.

As of April 28, US$1 was equivalent to 2.91 reais.