Global meat processing company JBS ended Q3 2024 with $2 billion in EBITDA, a free cash flow of $1 billion and a net profit of $693 million.

“The third quarter results for 2024 reaffirm our positive outlook for the year, highlighting once again the strength of JBS’ global, multi-protein platform, the quality of our team, and our focus on operational excellence,” said JBS Global CEO Gilberto Tomazoni. “Net Revenue was a record US$19.9 billion. During this period, EBITDA reached US$2.2 billion, with a consolidated margin of 10.8% – marking a nearly five percentage point increase compared to the same quarter in 2023.”

Q3 operational and financial highlights include:

Related:U.S. beef exports rebound in China, Korea; Pork on record pace

Even with the enhanced pressure on margins due to the cattle cycle, JBS says it remains focused on operational and commercial execution to protect its profitability. The company says it is taking action to improve pricing, optimize the product mix, increase yield per carcass, and increase manufacturing efficiency.

In the U.S. pork market, the company says the rise in revenue is a result of higher sales volume, driven by strong seasonal demand. Pork consumption is also being favored over beef due to high level pricing. In the international market, USDA data shows a 9% increase YTD in pork export sales, largely in part to Mexico, South Korea and Colombia.

“Our poultry and pork operations in Brazil and the United States performed above expectations, especially Seara, which closed the quarter with a record-breaking 21% margin. 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 Tomazoni.

“Pilgrim’s reported a solid 16.9% margin, driven by robust demand primarily in Europe, the U.S. and Mexico. Operational improvements and portfolio diversification into value-added products and brands also contributed to these results, along with partnerships with key customers aimed at delivering value to consumers. The business performance also reflects a focus on quality, service and innovation. Our U.S. pork business posted a 12.1% margin, driven by higher sales both in the U.S. and internationally, along with impressive growth in value-added products and strong gains across agricultural performance metrics.”

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JBS credits diversification, innovation, value-added products and strong branding for the firm’s growth. The company plans to expand Huon Aquaculture’s salmon production in Australia and is finishing a new Seara facility in Jeddah, Saudi Arabia that will quadruple local value-added chicken products capacity in the region.