By Jeffrey T. Lewis


SÃO PAULO--Brazil's JBS SA, the world's largest meat processor, said Tuesday its profit declined in the fourth quarter from a year earlier as a weaker dollar hurt sales at its U.S. beef and pork units.

The meatpacking giant said it had net income of reais 2.3 billion, the equivalent of $439 million, compared with profit of BRL6.5 billion in the year-earlier period. Net revenue fell to BRL92.9 billion from BRL97.2 billion.

The company said sales at JBS Beef North America declined 12.3% in the quarter from a year earlier to BRL28.7 billion, while sales at JBS USA Pork declined 0.3% to BRL10.6 billion. Sales at JBS Australia fell 4.8% to BRL8.2 billion.

The declines in U.S. sales were due, in part, because Brazil's currency strengthened in the fourth quarter, reducing the company's income, JBS said. The company also faced higher costs, with the cost of goods sold at JBS USA beef rising 8.5% to BRL26.1 billion.


(END) Dow Jones Newswires

03-21-23 1823ET