*

Q1 EBITDA tops analyst forecasts

*

Seara and U.S. Pilgrim's Pride report record high EBITDA

margins

*

Rising Brazilian cattle prices, global trade war cloud

outlook

(Adds details from the report, NY listing context)

By Ana Mano and Roberto Samora

SAO PAULO, May 13 (Reuters) - JBS, the

world's largest meatpacker, reported a nearly 78% annual

increase in net profit driven by its poultry and pork businesses

in Brazil and the U.S., and said on Tuesday the global trade war

has so far had little impact on its business.

Its net profit rose to 2.92 billion reais ($521 million) in

the first quarter from 1.64 billion reais a year earlier.

In a financial statement, JBS said earnings before interest,

tax, depreciation and amortization, a measure of operating

income known as EBITDA, came in at 8.92 billion reais, above the

8.77 billion reais forecast by analysts.

JBS said it had a strong quarter in a seasonally weaker

period of the year, when winter affects consumption in the

Northern Hemisphere and sales tend to slow compared with the

end-of-year holiday weeks.

The company's net profit rose 21.2% from the previous

quarter.

"Quarter after quarter, our results prove that we made the

right choices in building and managing our global multi-protein

platform," Gilberto Tomazoni, global CEO of JBS, said in a

statement.

In an interview, he said the company would continue to

benefit from its diversified production base, which includes

Brazil, Australia and the U.S., adding that the impact on its

operations from the global tariff war had so far been

"insignificant."

JBS' Seara processed foods division in Brazil and its

U.S.-controlled Pilgrim's Pride, which processes

chicken, reported record high EBITDA margins for the period, the

company said.

Net revenue rose 28% to 114.1 billion reais in the first

quarter from the same quarter last year but was down 2.2% from

the fourth quarter.

As expected, JBS's North America beef business continued to

reel from a severe cattle shortage in the United States. While

that division reported net revenue of 37.5 billion reais, a 36%

annual increase, operating earnings slid to a loss of 587.2

million reais.

In Brazil, rising cattle prices are also a concern

because it can mean margin compression down the road, Genial

Investimentos said in a note to clients before results were

released.

Other potential risks for JBS include an escalation of the

global trade war, which might impact commodities exports out of

the U.S. and result in a potential oversupply of chicken and or

pork in the U.S., according to Goldman Sachs.

Tomazoni told Reuters potential pork and chicken oversupply

in the U.S. is not a concern in the short term.

China remained a key market for JBS, taking about 23% of

the company's $4.9 billion in exports last quarter.

Sao Paulo-based JBS is very close to listing its shares on

the New York Stock Exchange, with trading slated to begin next

month if minority shareholders give their approval for the plan

in 10 days' time.