Brazilian food processor BRF SA admitted to disappointing first-quarter results amid a rise in costs and inflation on its home market, which weighed on results momentarily and "don't reflect what the company truly is," CEO Lorival Luz said during a call with analysts on Thursday.

He added avian flu in the United States and the war in Ukraine, whose producers compete with Brazilian chicken suppliers like BRF, may reduce these countries' ability to serve their clients, which could benefit BRF, reported Reuters. He noted the company is well positioned to sell more chicken in global markets if competitors reduce supplies.