Dive Brief:
- JBS reported net income for its third quarter at $428 million - more than five times higher than a year earlier.
- The Brazilian meat producer and processor benefited from a perfect combination of rising prices for meat and falling costs for animal feed.
- The news comes days after Pilgrim's Pride, a U.S. poultry processor controlled by JBS, reported record EBITDA of $442 million in its third quarter.
Dive Insight:
There's loads of good news in the JBS earnings report, but there's also one particularly scary number that could haunt the company in the future. JBS debt at the end of its third quarter stood at about $9.94 billion, an increase of more than 4% from its second quarter.