Why did BRFS's Q2 2023 earnings miss expectations?

BRFS's Q2 2023 earnings missed expectations due to several factors:

1. **Revenue Shortfall**: The company's total revenue for the quarter was $2.84 billion, which was below the expected figure. This shortfall can be attributed to decreased sales or operational inefficiencies.

2. **Net Income Decline**: BRFS reported a net income of $140.32 million for the quarter, with an EPS surprise of -0.02. This negative EPS surprise indicates that the company's performance was below expectations.

|code|Ticker|Name|Date|Net Income|market_code|
|---|---|---|---|---|---|
|BRFS|BRFS.N|BRF|2024 Q1|1.1838653897328E8|169|
|BRFS|BRFS.N|BRF|2024 Q2|1.9675732578152E8|169|
|BRFS|BRFS.N|BRF|2024 Q3|2.0850519750354E8|169|
|BRFS|BRFS.N|BRF|2024 Q4|1.4031807665701E8|169|

|code|Ticker|Name|Date|Estimate EPS|EPS Surprise|market_code|
|---|---|---|---|---|---|---|
|BRFS|BRFS.N|BRF|2024 Q1|0.15||169|
|BRFS|BRFS.N|BRF|2024 Q2|0.07||169|
|BRFS|BRFS.N|BRF|2024 Q3|0.13||169|
|BRFS|BRFS.N|BRF|2024 Q4|0.09|-0.02|169|

3. **Industry Challenges**: The poultry market in Saudi Arabia, where BRF has significant operations, is facing growth due to increasing meat consumption and booming tourism. However, BRF's performance was likely impacted by specific company-level factors rather than overall market trends.

In summary, BRF's Q2 2023 earnings missed expectations due to lower-than-expected revenue and negative EPS surprise, indicating underlying operational or market-specific challenges.