JBS reported a net income of BRL356.7 million (US$85 million) for the third quarter of fiscal year 2019, marking a significant turnaround from the third quarter of the previous year, when it posted a net loss of BRL133.5 million (US$31.8 million).
“We are very pleased with the results we are presenting this third quarter. Continuously and consistently, over the last nine quarters, we have confirmed the strength of our strategy, based on its main pillar, operational excellence, which for us translates into being the best operator in the market,” JBS Global CEO Gilberto Tomazoni stated.
“Our diverse protein and geographic production and distribution platform has proven to be an important competitive advantage. We have reached directly or indirectly all of the important global markets.”
Of the Brazil-based meat and poultry company’s different business units, JBS Brazil saw the best progress for the quarter with a net revenue of BRL8.45 billion, a year-over-year improvement of 17.8%. The Seara unit also saw meaningful improvement, as its net revenue of 5.36 billion was a 5.5% improvement when compared to the third quarter of fiscal year 2018. The JBS USA Beef unit saw a 1.2% net revenue growth.
The company’s Pilgrim’s Pride and JBS USA Pork units both saw a small decline in net revenue, slipping 0.9% and 1.7%, respectively.
Pilgrim’s Pride, which includes operations in the United States Mexico and Europe, released its quarterly earnings on October 30.
While Tomazoni was upbeat on the performance of JBS during the third quarter, he also spoke optimistically about the future with the acquisitions of Tulip Limited, a pork unit in Seberi, Brazil, and the pending acquisition of Frigorífico Marba.
“I also want to highlight that the market was favorable throughout this year and (prospects) are even better,” Tomazoni said. “Growth in population, urbanization, increase in disposable income, among other things, have been contributing to an increase in protein consumption globally, principally in Asia. JBS, given its team, its operational excellence and its diversified platform is very well positioned to benefit from these conditions.”
