JBS SA, the world’s largest meatpacker and owner of Pilgrim’s Pride, he reported its best quarter in its history, according to an earning statement on Wednesday, posting net income that rose almost 30% to 4.382 billion reais ($839.22 million).
Results were bolstered by its strong meat business in the United States and a resilience in the Brazilian market, where higher feed prices drove up production costs according to a report by Reuters on the results.
“This quarter was the best in sales, in net profit and the best in operational terms of Ebitda,” CEO Gilberto Tomazoni said.
Earnings before interest, tax, depreciation and amortization, came in at 11.7 billion reais (Brazil’s currency), significantly above an average forecast 8.973 billion reais by three analysts.
JBS also said sales volumes and revenues from its Canadian and U.S. beef exports grew significantly from the previous year, driven by shipments to China, and that overall the Asian country bought nearly a third of JBS’ meat exports in the second quarter.