SÃO PAULO – As the global meat business continues to grow, particularly the poultry sector, JBS SA posted positive results for its fiscal third-quarter of 2024, including record-high revenue.

For the quarter ended Sept. 30, 2024, the company’s net revenue for the quarter was $19.9 billion, a 6.4% increase compared to the third quarter of 2023 and a record for JBS. During that period, about 74% of JBS’ global sales were in the domestic market where the company operates, with the other 26% going through exports. During the last 12 months, JBS reported net revenue of $76.7 billion.

“Strong global demand, favorable grain costs, and our agility in managing product and market mix, alongside our focus on high-value products and innovation, complement the results of already implemented operational improvements in efficiency, productivity, and commercial enhancements,” said Gilberto Tomazoni, chief executive officer of JBS.

The company’s gross profit for the quarter was reported at $3.28 billion, up from $2.26 billion during the third quarter of fiscal 2023. The net profit was $693 million according to JBS.

JBS’ North American Beef segment reported net revenue of $6.31 billion during the quarter, up 6% from 2023. The EBITA margin for this sector of the business was at 1.9%.

“In the quarter, beef margins in North America continued to be pressured by the livestock cycle, despite strong demand in the period,” the company stated in the report. “According to data released by the USDA, fed cattle prices remained at high levels in 3Q24. As a result, since the price of cattle represents approximately 85% of the cost, profitability was under pressure during the period.”

JBS and Tomazoni noted the poultry business segment continued to see solid, strong performances in the third quarter.

Pilgrim’s Pride Corp., a poultry business owned by JBS, exceeded its market expectations with net revenue of $4.58 billion, up 5.2% from the $4.36 billion in 2023.

“In the United States, profitability benefited from high demand, improvements in production efficiencies and lower input costs,” the company stated about Pilgrim’s. “Furthermore, the chicken portfolio grew above the market due to the partnership with key customers through differentiated and customized offers. The prepared foods category expanded its market presence, with increased distribution in retail and foodservice.”

Net revenues for the company’s US pork business increased slightly during the quarter to $2.04 billion compared to $2.04 billion during the same period last year.

The EBITA margin for Pilgrim’s Pride for the third quarter was 16.9% while the JBS USA Pork EBITA margin stood at 12.1%.

JBS’ Seara business recorded a net revenue of $2.2 billion, up 4.9% from last year.

JBS Australia revenue for the quarter was $1.8 billion, an increase of 13.3% year-over-year.

JBS exports totaled $5.3 billion for the quarter, which is 8.9% higher than the third quarter of 2023.

Tomazoni also provided an update on some recent investments made by JBS, including a new Seara facility scheduled to open soon in Jeddah, Saudia Arabia, that would quadruple local value-added chicken products capacity in the region.