JBS Q1 results fuel optimism for road to recovery

JBS S.A. reported a solid first quarter for the fiscal year 2024 ended March 31, 2024, with a net income of $332.3 million. The company remains optimistic about its path to recovery, as all its business units boasted improvements over the previous year with the exception of JBS Beef North America, which faces an industrywide challenging cattle cycle.

Consolidated net revenue for the quarter rose 8% to $18 billion compared to $16.7 billion the year before. During the period, about 76% of JBS’ global sales were in domestic markets in which the company operates, while 24% were exports. Adjusted EBITDA reached $1.3 billion, a 212% jump year over year.

“The results from this quarter emphasize our confidence in JBS’ long-term strategy, focused on expanding our global multiprotein platform and consolidating our portfolio of strong brands and value-added products,” said Gilberto Tomazoni, chief executive officer of JBS S.A., in the earnings report. “In this regard, we have made various investments over the past few years that will begin to yield results.”

Tomazoni attributed the strength of the results to the importance of geographical and protein diversification. As part of the company’s investments, JBS will open a new in natura (“in natural”) pork plant and prepared foods plant this year in Brazil. In April, the company announced it will double the capacity of its Campo Grande beef facility. Additionally, in Saudi Arabia, JBS is finalizing its third halal value-added products facility. Then, in Spain, JBS will begin operations at the Bio Tech Foods cultivated protein plant.

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