1708 ET - Brazilian meatpacking giant JBS said low grain costs and steady demand for chicken and pork in the U.S. and Brazil helped it boost its profits in its fiscal third quarter, exceeding Wall Street estimates. JBS said its sales rose 6% to nearly $20 billion for the period, and posted a profit of $757 million as even as the company's U.S. beef operations, its largest unit by sales, remains pressured by a tight cattle supply. The meat industry is benefiting from reduced livestock feed costs for chicken and hogs. JBS rival Tyson Foods also surpassed analyst profit forecasts this week after saving nearly $1 billion on chicken feed costs in its fiscal 2024 compared with the prior year. (patrick.thomas@wsj.com)
(END) Dow Jones Newswires
November 13, 2024 17:09 ET (22:09 GMT)
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