JBS N.V. reported a 72% decline in third-quarter profit, and its shares fell about 9% before Tuesday’s U.S. market open after the meat producer released its results.
Net income attributable to JBS was $164.4 million, compared with $580.9 million a year earlier. IFRS-based adjusted (non-GAAP) earnings per share fell to 16 cents from 54 cents. Reported earnings per share declined to 15 cents from 52 cents.
Net sales rose 1% to $22.7 billion, while adjusted EBITDA dropped 36% to $1.18 billion. The company published the results after the U.S. session ended Monday.
JBS linked weaker demand in its U.S. pork business to inflation’s effect on consumers, while increased worldwide pork supply put pressure on exports. For its Australian beef business, JBS cited higher cattle and lamb costs; exports also faced constraints from reduced U.S.-bound shipments and already-filled quotas in China and South Korea.
JBS said demand for Brazilian beef in China improved early in the fourth quarter, as importers made plans around the 2027 quota. The company scheduled a call to discuss the results for 9 a.m. ET Tuesday.
