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00:02JBS reported a $617 million adjusted operating loss in its beef business over the past year,
00:09widening from a $37 million loss a year earlier as a U.S. cattle shortage drove prices to record
00:15highs, according to the Wall Street Journal. The beef processing giant said sales rose 12%
00:21to $86.18 billion, while adjusted operating profit fell to $4.4 billion from $4.7 billion.
00:28A labor strike that began on March 16 at its Greeley, Colorado plant is disrupting production.
00:35The union representing about 3,800 workers opted out of a national contract,
00:40saying proposed wage increases do not keep pace with inflation.
00:44CEO Wesley Batista Filio said the company's proposals were fair and said it is unclear how long the
00:50strike will last. JBS said it is offsetting beef losses with other protein segments and regions
00:55while improving efficiency and expanding higher-end beef production.
00:59For all things money, visit Benzinga.com.
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