JBS Has Results Below Expectations in the First Quarter of 2023, but CEO Expects Improvement in Business in the Coming Quarters

Written by Bruno Teles

Published on 12/05/2023 at 14:39

foto: JBS

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JBS (JBSS3) Has Been Severely Impacted In The First Quarter Of 2023. The Results Were Considered Out Of The Ordinary In Relation To The Resilience That The Company Usually Displays.

Analysts assessed that the company went through a “perfect storm” during the period, causing its shares to drop more than 10% at the beginning of the session on May 12.

Gilberto Tomazoni, Global CEO of the company, acknowledged that there were adversities in almost all countries where they operate. “If we look at the last 12 years, a period in which we already had a diversified global platform, this is the first quarter we faced adversity in almost all countries we operate,” he stated.

The Main Challenges Faced By The Company Were Rising Costs And Persistent Inflation, Along With A Delicate Balance Between Supply And Demand.

However, Tomazoni believes in an improvement in business in the upcoming quarters. “We expect improvement in all businesses. Now, the business where we expect the greatest difference is Seara. We do not provide guidance, only direction. We expect significant improvement in Australia. In beef in Brazil as well. And we expect improvement in the Pilgrim’s business as a result,” he explained.

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High meat prices and low productivity in agriculture were the main problems faced by Seara, which had its margin impacted by 3%. “The measures to reverse field productivity and grain costs are proving to be much more favorable,” Tomazoni stated. The company also faced difficulties in the poultry sector due to price flattening in the international market.

In the United States, commercial and industrial performance fell short of expectations. However, the barbecue season in the United States is expected to boost the consumption of proteins and prepared foods.

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Australia, another important market for JBS, is expected to show improvements in the cattle cycle throughout 2023. In Brazil, the resumption of exports and new exports also offer promising prospects for the beef market.

JBS has stood out for its diversification in products and geography, which has been seen as its main strength during challenging times. Regarding the results for the second quarter of 2023, Tomazoni did not make predictions but believes in the company’s recovery in the coming quarters.

JBS Has Results Below Expectations in the First Quarter of 2023, but CEO Expects Improvement in Business in the Coming Quarters

JBS (JBSS3) Has Been Severely Impacted In The First Quarter Of 2023. The Results Were Considered Out Of The Ordinary In Relation To The Resilience That The Company Usually Displays.

The Main Challenges Faced By The Company Were Rising Costs And Persistent Inflation, Along With A Delicate Balance Between Supply And Demand.

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JBS Has Results Below Expectations in the First Quarter of 2023, but CEO Expects Improvement in Business in the Coming Quarters

JBS (JBSS3) Has Been Severely Impacted In The First Quarter Of 2023. The Results Were Considered Out Of The Ordinary In Relation To The Resilience That The Company Usually Displays.

The Main Challenges Faced By The Company Were Rising Costs And Persistent Inflation, Along With A Delicate Balance Between Supply And Demand.

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For 45 years, Spain and Morocco have been trying to connect Europe to Africa through a project of just 14 kilometers in the Strait of Gibraltar, and an active tectonic fault on the seabed continues to make the project nearly impossible.

At just 14 years old, a boy creates a system without energy, using steel pipes buried in the ground, that irrigates seedlings with moisture from the air, to combat the water scarcity threatening reforestation in northern China.

Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

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