JBS S.A. posted net income of $58.2 million in the first quarter, a 21-percent drop from the same period last year blamed on higher livestock prices.

JBS, the Brazilian meatpacker whose subsidiary JBS USA owns the majority of stock in Greeley-based Pilgrim's Pride, earned $73.7 million in the first quarter of last year.

The company reported a 9-percent increase in net revenue to $8 billion during the first quarter. JBS ended the quarter with $2.6 billion in cash.

The company blamed a loss of $45.4 million from its beef unit, JBS USA Beef, which includes Australia. It also pointed to the high price of livestock and the appreciation of the Australian dollar against the U.S. dollar.

JBS USA Chicken posted $104 million in adjusted earnings during the first quarter, reversing its loss of $53 million during the previous first quarter.