JBS S.A. announced the company’s third-quarter earnings exceeded analysts’ expectations.
According to a financial statement, third-quarter profits were $1.8 billion, and revenue increased 32 percent from double-digit margins on its U.S. based beef, poultry and pork units and its Seara unit in Brazil.
In the U.S., cattle availability remained stable, but cattle prices rose by up to 22 percent compared to the same quarter last year, pressuring costs on JBS’ biggest market by sales.
“Global demand for beef is also very strong, especially in Asia, which accounts for more than 75 percent of total U.S. beef exports,” JBS said. The company said despite a ban on exports of Brazilian beef, it can use the U.S. or other countries to sell meat to China.
