SÃO PAULO – JBS SA reported a net income loss for the fiscal second quarter ended June 30, 2023, totaling 263.6 million reals ($53.2 million).
Consolidated net revenue for the first quarter went down 3.6% to 18.1 billion from the first quarter 2022.
The global meat company cited an oversupply of the global poultry market and tighter margins on its beef business in the United States as two reasons for the quarterly performance.
Gilberto Tomazoni, global chief executive officer of JBS, explained how, despite challenges, the company continues to increase efficiency in its major markets of Brazil and the United States.
“In the coming month, we also see a scenario of a more balanced poultry supply, with the potential positive impacts on sector prices, and we are already capturing the decrease in corn prices in our cost structure, a situation that also benefits our pork business, Tomazoni said.
When looking at second quarter segments in the business, JBS Beef North America, in 2023, reported net revenue of $5.81 billion, which is up 5.2% compared to the same time in 2022.
JBS USA Pork reported $1.78 billion in revenue in the second quarter, down 15.8% from last year’s quarter.
The company said wholesale pork prices fell by approximately 21% year-over-year in the second quarter of 2023.
As for Pilgrim’s Pride Corp., a subsidiary of JBS SA, the poultry operation reported $4.30 billion in revenue in the second quarter, which decreased by 7% from the 2022 quarter.