JBS SA reported net income for fiscal year 2022, ending Dec. 31, 2022, was $2.94 billion, a 24.5% decrease from fiscal year 2021. In the fourth quarter of 2022, JBS SA reported net income of $440 million, down 63.7% from year-over-year results.

For JBS SA’s business segments, JBS USA Beef reported revenue in 2022 was $21.6 billion, down 1.4% from 2021. For the fourth quarter, JBS USA Beef showed $5.4 billion in revenue, down 12.3% from the same quarter in 2021.

JBS USA Pork reported 2022 net revenue of $7.99 billion, up 2.5% and Pilgrim’s Pride reported a 2022 net revenue of $17.1 billion, up 13% from 2021.

“In addition to margin compression in US beef, high inflation in important markets is weakening consumption, causing an imbalance between supply and demand,” said Gilberto Tomazoni, CEO of JBS SA, in the earnings report. “At the same time, we are facing persistent pressure on production costs.”