JBS Posts 1Q Net Loss After Sales Fell and Costs Rose
By Jeffrey T. Lewis
SÃO PAULO--Brazil's JBS SA, the world's largest meat processor, said Thursday it lost money in the first quarter as its costs increased and sales declined.
The meatpacking company reported a net loss of 1.5 billion reais, the equivalent of $304 million, compared with net income of BRL5.1 billion in the year-earlier period. Net revenue fell to BRL86.7 billion from BRL90.9 billion. JBS's cost of goods sold rose to BRL79.1 billion from BRL74.5 billion.
JBS said it faced higher cattle costs in the U.S. during the period, while in Brazil its Seara unit suffered from a decline in export prices and the high cost of grain. The cost of grain has already become more favorable, while the cost of renting containers has declined, benefiting exports to Asia, JBS said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
May 11, 2023 18:43 ET (22:43 GMT)
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