JBS Drops as Cattle Shortage Takes Bigger Toll on Profits
Cattle trucks offload livestock at the JBS Greeley meatpacking facility in Greeley, Colorado, in February.
Photographer: Chet Strange/BloombergShares of JBS NV, the world’s largest meat supplier, slumped after quarterly results showed the US’s deepening cattle shortage took a bigger toll on profits.
Second-quarter losses at the company’s North American beef operation widened 11-fold from a year earlier, to $293 million under IFRS accounting standards. Adjusted earnings before interest and taxes fell 12% from a year earlier, JBS said in a statement late Wednesday.