BRF SA, the world’s largest poultry exporter, said first-quarter profit more than doubled, beating analysts’ forecasts after it increased prices and boosted exports.
Net income rose to 358.5 million reais ($179 million), or 41 centavos a share, from 153.2 million reais, or 18 centavos, a year earlier, the Sao Paulo-based company said in a regulatory filing yesterday. The result topped a 277.9 million-real average of ten analysts’ estimates compiled by Bloomberg.
BRF, Brazil’s biggest maker of TV dinners, frozen pizzas and other processed-food products, has been able to pass cost increases through to customers in both the domestic and export markets, Banco Santander SA analysts led by Luis Miranda, who rates the stock a buy, said in a note to clients today.
Sales rose 14 percent from a year earlier to 7.21 billion reais after BRF increased prices 13 percent on average in the quarter. Exports revenue jumped 30 percent to 3.14 billion reais.