Adjusted EBITDA for the period was US$1.1 billion, falling by 39% year-on-year, while the adjusted EBITDA margin was down to 5.9%. Net profit for the quarter totalled US$117.3 million, a drop of 84.7%.
JBS Beef North America reported net sales of US$6 billion in the third quarter, up by 7.2% year-on-year, with an adjusted EBITDA result of US$103 million (down 78.6%) and an EBITDA margin down to 1.7%.
JBS Australia has net sales down by 5.3% to US$1.6 billion with an adjusted EBITDA up by 44.9% to US$136 million, while the EBITDA margin increased by three percentage points to 8.6%. JBS USA Pork, meanwhile, was down by 4.6% year-on-year to US$2 billion with an adjusted EBITDA increase of 9.9% to US$209 million and an EBITDA margin up to 10.3%.
Finally, JBS Brasil had a net sales result of US$3 billion, falling by 4.4%, while adjusted EBITDA declined by 36.9% to US$99 million and EBITDA margin dropped to 3.4%.
JBS Global CEO Gilberto Tomazoni said: “The results in the third quarter of 2023 demonstrate that we are on a path of consistent recovery, as we have indicated in previous quarters. Thanks to the strength of our globally diversified platform across geographies and proteins, and the implementation of significant improvements in managing our operations in Brazil and the United States, we have nearly added one percentage point to our consolidated EBITDA margin compared to the second quarter of this year, reaching 5.9%. This evolution in our cash generation also reflects our commitment to the fundamentals of our debt policy.
“We continue to work toward restoring the profitability of two of our businesses that were performing below potential. In Seara we have executed the majority of our previously identified adjustments. This should positively impact our results in the coming quarters There’s still room for improvement in results with the ramp up from the new facilities, which are not yet operating at full capacity We are very optimistic about the prospects of this business.
“In our U.S. beef business, operational measures adopted since March this year in the commercial and industrial areas are helping us navigate through the lowest point of the cattle cycle. The margins of the operation are showing gradual recovery, even in a scenario of tighter spreads and reduced cattle supply, demonstrating our commitment to operational excellence.”