After posting a record net revenue in the third quarter and a 571% increase in net income, year-over-year, JBS raised its earnings estimates for 2024, according to update released by the company on Wednesday.
The world’s largest meatpacker posted a $3.84 billion real net profit for the third quarter, multiplying it by more than six times from a year earlier and helped by its pork and chicken business in Brazil, Reuters reports.
The quarterly profit landed just above the $644 million expected by analysts polled by LSEG. Meanwhile, net revenue increased 21% to $19 billion, slightly topping the $18.5 billion expected by analysts.
Other notes of interest include:
- Seara and JBS USA Pork also recorded growth with increased sales of value-added products.
- Seara reported a 19.2% increase in net revenue to $2.1 billion with a record EBITDA margin of 21%.
- Pilgrim’s Pride had a net revenue of $4.6 billion, up 5.2% year-over-year.
- JBS Brasil, which includes the Brazilian beef business, had one of its best results, amid strong export demand with a 20% increase in the volume of fresh beef shipped in the period. The unit’s net revenue reached $3.1 billion in the third quarter, up 25% year-over-year.
- JBS Beef North America reported a 6% increase in net revenue to $6.3 billion, with a 60.6% drop in adjusted EBITDA in US dollars and USGAAP to $36.7 billion. The EBITDA margin fell by 1 percentage point in the annual comparison to 0.6%.
- JBS Australia reported net revenue of $1.8 billion in the third quarter, 13.3% higher than the previous year due to increased sales in the domestic and export markets.
The company plans to remains focused on operational and commercial strategies to protect the unit’s profitability, improving pricing, optimizing the product mix, and increasing yield per carcass and manufacturing efficiency.
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