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JBS SA (JBSAY) Q1 2025 Earnings Call Highlights: Strong Sales Growth Amidst Cash Flow Challenges
Thu 15 May 25, 09:00 PMBrazil's JBS defends dual listing proposal following criticism
Wed 14 May 25, 02:27 PMBrazil meatpacker JBS sees slim trade war impact as Q1 earnings top forecasts
Tue 13 May 25, 09:24 PMJBS to invest in four Seara units in Brazil
Wed 07 May 25, 11:18 AMEnvironmental groups blast JBS's US listing approval; Wall Street praises it
Fri 02 May 25, 11:05 AMBrazil's JBS calls shareholder meeting to vote on US listing plan
Wed 23 Apr 25, 12:37 AMJBS sets tentative dates for US listing vote, share trading in NY
Mon 14 Apr 25, 09:57 PMBrazil’s JBS Announces $100 Million for Two Plants in Vietnam
Sat 29 Mar 25, 07:24 PMJBS, the World’s Biggest Meat Company, Eyes a 2025 Listing in the U.S.
Wed 26 Mar 25, 05:02 PM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 18283.86M | 27191.45M | 8264.19M | 7497.80M | -1098.35800M |
| Minority interest | -743.41800M | -43.09200M | 3424.87M | 2845.08M | 2299.21M |
| Net income | 15457.84M | 20486.56M | 4598.31M | 6068.37M | 25.20M |
| Selling general administrative | 26711.70M | 26078.29M | 18003.90M | 12728.50M | 11339.84M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 59478.07M | 66184.99M | 45218.32M | 31946.35M | 26340.19M |
| Reconciled depreciation | 9853.83M | 9027.77M | 7837.40M | 6313.06M | 4804.98M |
| Ebit | - | 36304.47M | 21270.14M | 13196.10M | 7329.54M |
| Ebitda | 35068.16M | 41483.82M | 20871.87M | 18342.98M | 7641.80M |
| Depreciation and amortization | - | - | - | - | - |
| Non operating income net other | - | - | - | - | 0.00000M |
| Operating income | 24587.46M | 32177.59M | 20449.62M | 13016.66M | 6610.59M |
| Other operating expenses | - | 238.00M | 42.43M | 257.77M | 2632.85M |
| Interest expense | 6930.47M | 5264.60M | 4770.27M | 4532.12M | 3935.18M |
| Tax provision | 2082.61M | 6661.80M | 3609.24M | 1032.95M | -1308.47400M |
| Interest income | 1387.72M | 780.54M | 1004.67M | 465.13M | 288.37M |
| Net interest income | -6761.53900M | -5323.34600M | -4073.55400M | -4066.99300M | -3646.80600M |
| Extraordinary items | - | - | - | - | 0.00000M |
| Non recurring | - | - | - | - | 0.00000M |
| Other items | - | - | - | - | 0.00000M |
| Income tax expense | - | 6661.80M | 3609.24M | 1032.95M | -1308.47400M |
| Total revenue | 374851.60M | 350695.56M | 270204.21M | 204523.58M | 181680.24M |
| Total operating expenses | 350264.15M | 318517.97M | 249754.60M | 191506.91M | 175069.66M |
| Cost of revenue | 315373.53M | 284510.58M | 224985.89M | 172577.22M | 155340.05M |
| Total other income expense net | 457.95M | 337.21M | -8111.87000M | -1451.86800M | -8475.95000M |
| Discontinued operations | - | - | - | - | 0.00000M |
| Net income from continuing ops | 16201.25M | 20529.65M | 4654.95M | 6464.85M | 210.12M |
| Net income applicable to common shares | - | 20486.56M | 4598.31M | 6068.37M | 25.20M |
| Preferred stock and other adjustments | - | - | - | - | 0.00000M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Total assets | 208110.63M | 207109.12M | 163801.81M | 126339.39M | 114145.83M |
| Intangible assets | 10328.39M | 11783.92M | 7702.31M | 6052.95M | 5819.30M |
| Earning assets | - | - | - | - | - |
| Other current assets | 1667.98M | 3641.62M | 1303.98M | 1057.04M | 892.75M |
| Total liab | 158301.70M | 159312.40M | 120257.62M | 93857.34M | 86199.62M |
| Total stockholder equity | 46344.17M | 44119.29M | 40119.32M | 29636.97M | 25647.00M |
| Deferred long term liab | - | - | - | - | 0.00000M |
| Other current liab | 2141.82M | 5659.68M | 4327.59M | 3371.83M | 1569.36M |
| Common stock | - | 23576.21M | 23576.21M | 23576.21M | 23576.21M |
| Capital stock | 23576.21M | 23576.21M | 23576.21M | 23576.21M | 23576.21M |
| Retained earnings | - | 13485.59M | 7166.30M | 5220.50M | 2493.45M |
| Other liab | - | 12177.90M | 13266.37M | 10680.85M | 11367.01M |
| Good will | 30412.36M | 32564.55M | 29246.62M | 24497.75M | 23775.58M |
| Other assets | - | 11471.26M | 11654.59M | 9714.78M | 11288.81M |
| Cash | 13182.16M | 23239.15M | 19679.74M | 10033.97M | 8935.78M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 55160.22M | 59812.24M | 40835.23M | 28457.69M | 21601.72M |
| Current deferred revenue | - | - | - | - | - |
| Net debt | 79171.90M | 69279.00M | 46226.96M | 42994.08M | 47217.75M |
| Short term debt | - | - | - | - | 0.00000M |
| Short long term debt | 8228.56M | 11914.28M | 4562.10M | 2078.90M | 2922.64M |
| Short long term debt total | - | - | - | - | - |
| Other stockholder equity | - | 9883.45M | 9468.51M | 1234.11M | -10.39500M |
| Property plant equipment | - | 67120.24M | 54736.78M | 44055.90M | 36277.63M |
| Total current assets | 79391.07M | 83925.96M | 60537.30M | 41924.37M | 36899.55M |
| Long term investments | 294.84M | 243.19M | 171.10M | 93.63M | 84.97M |
| Net tangible assets | - | -229.17200M | 3417.28M | -913.73800M | -3947.87500M |
| Short term investments | - | - | - | - | 0.00000M |
| Net receivables | 20234.90M | 23082.33M | 16851.11M | 13487.77M | 12568.33M |
| Long term debt | 84125.50M | 80603.87M | 61344.60M | 50949.14M | 53230.89M |
| Inventory | 37852.79M | 33962.86M | 22702.46M | 17345.60M | 14502.69M |
| Accounts payable | 34080.61M | 30217.20M | 22197.44M | 15438.84M | 12165.39M |
| Total permanent equity | - | - | - | - | 0.00000M |
| Noncontrolling interest in consolidated entity | - | - | - | - | 0.00000M |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | 0.00000M |
| Accumulated other comprehensive income | - | - | - | - | 0.00000M |
| Additional paid in capital | - | - | - | - | 0.00000M |
| Common stock total equity | - | - | - | - | 0.00000M |
| Preferred stock total equity | - | - | - | - | 0.00000M |
| Retained earnings total equity | - | - | - | - | 0.00000M |
| Treasury stock | - | - | - | - | 0.00000M |
| Accumulated amortization | - | - | - | - | 0.00000M |
| Non currrent assets other | 1118.12M | 1186.04M | 1135.88M | 931.99M | 1056.03M |
| Deferred long term asset charges | - | - | - | - | 0.00000M |
| Non current assets total | 128719.56M | 123183.15M | 103264.51M | 84415.01M | 77246.28M |
| Capital lease obligations | 8984.01M | 8344.28M | 6104.49M | 4715.44M | 0.00000M |
| Long term debt total | - | - | - | - | 0.00000M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -13124.84200M | -6.16500M | -6.16500M | -6.16500M | -6.16500M |
| Change to liabilities | - | 6550.10M | 3342.41M | 2996.68M | 1870.18M |
| Total cashflows from investing activities | - | -18858.36500M | -7833.13400M | -5854.48400M | -1742.73500M |
| Net borrowings | - | 17731.80M | -5595.70200M | -6399.60900M | -9499.28000M |
| Total cash from financing activities | -8759.06600M | -844.50400M | -9022.12400M | -6444.36000M | -9989.06700M |
| Change to operating activities | - | -4782.81900M | 736.97M | 17.38M | -560.85000M |
| Net income | 15457.84M | 20486.56M | 4598.31M | 6068.37M | 25.20M |
| Change in cash | -10056.99200M | 3559.41M | 9645.78M | 1098.19M | -2805.52900M |
| Begin period cash flow | 23239.15M | 19679.74M | 10033.97M | 8935.78M | 11741.31M |
| End period cash flow | 13182.16M | 23239.15M | 19679.74M | 10033.97M | 8935.78M |
| Total cash from operating activities | 13333.51M | 21480.31M | 23781.81M | 13768.48M | 7442.49M |
| Issuance of capital stock | 824.25M | - | - | - | - |
| Depreciation | 9853.83M | 9005.05M | 7814.90M | 6281.64M | 4777.03M |
| Other cashflows from investing activities | - | -72.69100M | 22.87M | 474.61M | 366.93M |
| Dividends paid | 4436.24M | 7395.93M | 1441.18M | 5.98M | 126.88M |
| Change to inventory | -6781.52600M | -11785.30900M | -3532.71600M | -3130.44300M | -2134.78500M |
| Change to account receivables | -1297.31900M | -4272.23300M | 778.49M | -259.21700M | 673.18M |
| Sale purchase of stock | -4614.02600M | -10604.97500M | -1819.60100M | -11.35700M | -499.09400M |
| Other cashflows from financing activities | - | -575.39900M | -712.53400M | -38.76800M | 135.29M |
| Change to netincome | - | 12713.27M | 14039.28M | 4535.85M | 6406.48M |
| Capital expenditures | 11269.96M | 9623.57M | 5986.80M | 4239.74M | 2827.29M |
| Change receivables | - | - | - | - | 0.00000M |
| Cash flows other operating | - | - | - | - | 0.00000M |
| Exchange rate changes | - | - | - | - | 0.00000M |
| Cash and cash equivalents changes | - | - | - | - | 0.00000M |
| Change in working capital | -10729.77900M | -10511.75000M | 635.56M | -970.38000M | -1286.44500M |
| Stock based compensation | 39.12M | 63.43M | -5.25000M | 49.19M | - |
| Other non cash items | 5044.76M | 9507.96M | 13695.59M | 5704.95M | 8362.74M |
| Free cash flow | 2063.55M | 11803.58M | 17746.97M | 9485.06M | 4520.08M |
Sector: Consumer Defensive Industry: Packaged Foods
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| JBSAY JBS SA |
- -% | - | 46.41 | 3.87 | 0.03 | 1.30 | 0.08 | 1.75 |
| NSRGF Nestle SA |
-1.75 1.77% | 97.00 | 26.86 | 18.76 | 3.13 | 7.10 | 3.81 | 21.70 |
| NSRGY Nestle SA ADR |
-0.85 0.87% | 96.81 | 26.82 | 18.66 | 3.18 | 7.07 | 3.81 | 21.70 |
| GPDNF Danone S.A |
3.42 4.68% | 76.52 | 25.33 | 17.39 | 1.97 | 2.55 | 1.88 | 11.70 |
| DANOY Danone PK |
-0.15 1.01% | 14.74 | 24.23 | 17.64 | 1.88 | 2.57 | 1.88 | 11.70 |
JBS S.A., together with its subsidiaries, engages in the processing of animal protein worldwide. The company trades in beef, pork, chicken, poultry, fish, and lamb products; cooked frozen meat; plant based products; and other food products. It produces and commercializes leather, steel cans, plastic resin, personal care and cleaning products, and collagen, as well as wet blue leather, semi-finished, and finished leather products. In addition, it is involved in transportation, cold storage, industrial waste management solutions, recycling, and produces and commercializes electric power. Further, the company engages in the production and commercialization of raw ham and cooked ham; purchases and sells soybeans, tallow, palm oil, and caustic soda; and operates distribution centers and harbors. Additionally, it produces beef jerky; offers cattle fattening and warehousing services; operates logistics; and trades in by products from processing. The company was formerly known as Friboi Ltda. JBS S.A. was founded in 1953 and is headquartered in São Paulo, Brazil.
Avenida Marginal Direita do TietE, 500, São Paulo, SP, Brazil, 05118-100
| Name | Title | Year Born |
|---|---|---|
| Mr. Jeremiah Alphonsus O'Callaghan | Pres of the Board & Member of Exec. Board | 1954 |
| Mr. Gilberto Tomazoni | CEO & Member of Exec. Board | 1959 |
| Mr. Russell Colaco | Chief Financial Officer of Jbs Food | 1973 |
| Mr. Guilherme Perboyre Cavalcanti | CFO, Investor Relations Officer & Member of Exec. Board | 1968 |
| Mr. Eliseo Santiago Perez Fernandez | Director of Admin. & Control and Member of the Exec. Board | 1965 |
| Mr. Wesley Mendonca Batista Filho | CEO of JBS South America & Member of Exec. Board | NA |
| Christiane Assis | Investor Relations Director | NA |
| Mr. Michael Koenig | Chief Ethics & Compliance Officer | NA |
| Mr. Rodrigo Gagliardi | Sales Mang. | NA |
| Mr. Eduardo Noronha | Global Head of HR & Operational Excellence | NA |
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