JBS reports 92.2B reals revenue for Q2 2022

SÃO PAULO — Meat processing giant JBS S.A. (B3: JBSS3; OTCQX: JBSAY) reported a 7.7% year-over-year revenue increase for the second quarter of 2022, to 92.2 billion Brazilian reals (about $18.1 billion) from R$85.6 billion in the second quarter of 2021.

JBS reported a net income of R$4 billion, a 9.8% year-over-year decrease from R$4.4 billion in the second quarter of 2021.

Greeley-based Pilgrim’s Pride Corp. (Nasdaq: PPC), a chicken-producing subsidiary of JBS, brought in R$22.8 billion in revenue during the quarter, up 18.3% from R$19.2 billion last year. 

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According to the press release announcing the earnings report, for Pilgrim’s Pride “demand in the retail and food service channels remained robust despite a challenging inflationary scenario. The operational improvements, the diversified product portfolio, the good profitability in the big birds business and the continuous growth of branded products were the main drivers for growth in profitability in the period.

“With strong growth in demand in the American market, and in line with its strategy of growth in profitability, PPC will increase its investments in capacity expansion and automation, in addition to the construction of a new prepared food plant and a protein conversion plant to animal feed.”

In addition, JBS announced several leadership changes because of internal promotions:

• Michael Koenig was promoted to global chief ethics and compliance officer. He had previously served as head of ethics and compliance for Pilgrim’s Pride.
• Denilson Molina was promoted to global chief financial officer for Wild Fork Foods in North America and Swift in Brazil after serving as CFO of JBS USA since 2012.
• Victor Machado was named CFO of JBS USA. He has spent 15 years with JBS in a variety of roles including director of financial planning and analysis and investor relations officer.