JBS News Updates

JBS SA said quarterly profit rose more than expected, with chicken making up for the bulk of the increase as the world’s largest meat supplier faces deepening losses at its U.S. beef business.

JBS SA, the world’s largest meatpacker, posted earnings that beat expectations as strong demand for chicken and pork helped offset pressure in its U.S. beef business.

JBS, the biggest global meat producer, is reaping the benefits of a world that’s eating more chicken, sending demand surging and helping the company post its best quarterly profit in two years.

Companies including Tyson Foods and JBS SA, which control a sizable chunk of global meat supplies, are set to report a spike in earnings for the quarter ended in June as a rebound in poultry profits counterbalances a downturn in their U.S. beef operations.

JBS USA said it paid $11 million in ransom to criminals responsible for the cyberattack that disrupted meat processing across North America and Australia, the latest high profile example of large corporations falling prey to extortion.

A cyberattack on JBS SA, the world’s largest meat producer, has forced the shutdown of some of the largest slaughterhouses globally, and there are signs that the closures are spreading.