JBS posts 56% drop in Q1 net profit amid challenges in North American operations
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Brazil's JBS, the world's largest meatpacker, reported a 56% drop in Q1 net profit to $221 million, missing market estimates of $236 million. The decline was attributed to operational challenges in North America, particularly in beef and poultry sectors, despite an 11% increase in net sales to $21.61 billion. High livestock prices and weather-related issues pressured margins, while adjusted EBITDA fell 26% year-on-year to $1.13 billion, below the expected $1.27 billion. CEO Gilberto Tomazoni noted that the first quarter is typically challenging, and this year was worse due to cyclical conditions.
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