JBS, the renowned Brazilian meat packer, experienced a decline in profit during the third quarter. This decline in profit was primarily attributed to a decrease in sales across several units of the company, which was further exacerbated by the weakening dollar.
The company reported a net income of 572.7 million reais, which is equivalent to $117 million. This is a significant decrease compared to the net income of BRL4.0 billion achieved during the same period last year. Earnings per share also took a hit, dropping from BRL1.81 to BRL0.26.
The net revenue for the quarter fell from BRL98.9 billion to BRL91.4 billion. However, the JBS Beef North America unit defied the trend by experiencing a 7.2% increase in revenue when measured in dollars. Unfortunately, when measured in Brazilian real reais, this unit's revenue declined by 0.3%. On the other hand, revenue from JBS's Pilgrims Pride unit saw a decline of 2.4% in dollars and 9.3% in reais.
Although the sales numbers performed better than expected by the market, net income fell short of predictions. The market consensus, as compiled by FactSet, anticipated revenue of BRL89.8 billion and net income of BRL740 million.
