JBS (JBS) Q4 2024 earnings summary

Executive summary

• Achieved record net revenue of $77.2 billion in 2024, up 6% year-over-year, with net income of $1.8 billion and adjusted EBITDA of $7.2 billion at a 9.3% margin, more than doubling the previous year.

• Strong performance in Seara, Pilgrim's Pride, and JBS USA Pork, with Seara reaching a record 19.8% margin in Q4 and Pilgrim's Q4 margin rising to 14.7%.

• Geographic and protein diversification enabled resilience and stable results despite U.S. market headwinds and challenging cattle cycles.

• Significant shareholder returns: $759 million in dividends paid in October, $369 million in January, and a proposed $773 million dividend pending approval.

• Employs over 280,000 people worldwide, operating more than 250 production facilities and selling to over 180 countries.

Financial highlights

• 2024 net revenue was $77.2 billion, with Q4 net revenue at $20 billion; adjusted EBITDA for 2024 was $7.2 billion (9.3% margin), and net profit was $1.8 billion.

• Free cash flow for 2024 was $2.3 billion, up over 400% year-over-year; operating cash flow was $5.5 billion.

• Net debt ended at $13.6 billion, down $1.7 billion from the prior year; leverage ratio reduced to 1.89x EBITDA.

• Earnings per share in 2024 was $0.80, reversing a loss in 2023.

• Capex for 2024 totaled $1.48 billion, focused on expansion and modernization.

Outlook and guidance

• Management expects continued benefit from favorable cattle cycles in Australia and Brazil, with ongoing operational improvements and investments in innovation and biotechnology.

• Free cash flow break-even for 2025 estimated at $4.5 billion, with $2 billion in capital expenditures planned.

• Dual listing in the U.S. expected as early as Q3 2025, pending regulatory and shareholder approvals.

• Ongoing investments in capacity expansion, efficiency, and new product categories, including entry into the egg market and expansion in Saudi Arabia and Nigeria.

• Export revenue reached $20 billion in 2024, with Asia accounting for 49% of total exports.