JBS first-quarter profit drops 56% on North American pressures
Brazil-headquartered meat and leather group JBS reported a 56% year-on-year fall in first-quarter net profit, missing analyst expectations as weak North American operations offset stronger results in Brazil, according to Reuters.
Net profit fell to $221 million (€203 million), below forecasts of $236 million (€217 million), while adjusted EBITDA dropped 26% to $1.13 billion (€1.04 billion).
The company cited high livestock prices, tight US cattle supply, weather disruption and a three-week strike in Colorado as key pressures on its North American beef and poultry businesses. The division posted a negative adjusted EBITDA of $267 million (€246 million).
By contrast, Brazilian beef operations delivered stronger performance, with EBITDA up 28% to $168 million (€155 million) on higher export demand and record first-quarter sales.
