JBS (JBS) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered record net revenue of $19.9 billion, up 6.4% year-over-year, with adjusted EBITDA of $2.2 billion and net profit of $693 million.

• Achieved global leadership in beef and poultry, with diversified operations across the Americas, Europe, and Australia, and over 270,000 team members worldwide.

• Free cash flow for the quarter was $994 million, up 65% year-over-year; leverage improved to 2.15x, with net debt down to $13.7 billion.

• Dividends totaling $1.2 billion announced for 2024, with $812 million paid in October and $382 million to be paid in January 2025; share buyback program reopened.

• Continued investment in innovation, sustainability, and expansion, including new facilities and product lines.

Financial highlights

• Net sales reached $19.9 billion (+6.4% y/y); adjusted EBITDA was $2.2 billion (+94.3% y/y, margin 10.8%); net profit $693 million.

• Gross profit increased to $3.28 billion, with gross margin improving to 16.5% from 12.1% year-over-year.

• Free cash flow generation was strong across all business units except JBS Beef North America.

• CapEx for the quarter was $321 million, with 60% for maintenance and 40% for expansion.

• Dividend yield stands at approximately 8.5%.

Outlook and guidance

• 2024 guidance: net revenue expected at $77 billion, adjusted EBITDA between $6.9–$7.1 billion, implying a 9–9.3% margin.

• Focus on diversification, innovation, value-added products, and sustainability initiatives.

• Leverage expected to fall below 2x by year-end if current trends continue.