JBS Shares Fall 1.7% After Downward Earnings Revisions
By Jeffrey T. Lewis
SÃO PAULO--JBS's shares fell 1.7% after analysts at XP Investimentos and Citi Research cut their estimates for the Brazilian meat packer's earnings.
Shares reached 18.88 reais, the equivalent of $3.80, and are down 13% from the end of last year through Friday's close. Brazil's benchmark Ibovespa stocks index was down 0.4% in morning trading.
XP lowered its estimates for JBS to reflect tougher-than-expected supply-and-demand dynamics for all proteins, lower-than-expected demand from China for beef and other factors, analysts Leonardo Alencar and Pedro Fonseca said in a research note.
Citi research analysts cut their earnings-per-share estimates to BRL0.50 from BRL1.77 for 2023 and to BRL1.62 from BRL3.02 for 2024, citing a tougher outlook for JBS's U.S. beef operation.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
August 21, 2023 10:29 ET (14:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom