Seaboard net income more than triples in third quarter

Seaboard net income more than triples in third quarter

From WATTAgNet:
Net income for Seaboard Corp. rose in the third quarter, anchored by the strength of its turkey and pork segments. The company reported net income for the third quarter of $104.7 million or $89.49 per share, compared to $31.0 million or $25.99 per share for the year-ago quarter. 

Net sales for the third quarter fell to $1.62 billion from $1.65 billion during the same quarter in 2013.

Turkey segment's net income surges

The Seaboard turkey segment, Butterball, reported an income of $14.3 million, compared to a loss of nearly $4 million during the third quarter of 2014. Net sales for the turkey segment amounted to $487 million, an improvement from the $445 million recorded during the same quarter in 2013.

Seaboard pork segment doubles income
Seaboard’s pork segment saw its income more than double, reaching $70 million in the first quarter, up from the $34 million recorded during the same period in 2013. The pork segment’s sales for the quarter reached $455 million, up from the $436 million achieved during the same period of 2013.

As of September 27, Seaboard's pork segment sold a 50 percent interest in Daily's Premium Meats, its processed meats division, to Triumph Foods. Included in net earnings attributable to Seaboard for the three and nine months ended September 27, is a gain on sale of controlling interest in subsidiary of $39,279,000 net of taxes, or $33.56 and $33.25 per share, respectively (a $64,392,000 gain before taxes). The final sale price is subject to agreement on the final working capital adjustments but any such remaining adjustment is not anticipated to be significant.

Seaboard Corporation Report Of Earnings

31, 2014 /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE MKT symbol: SEB) with offices at 9000 West 67 Street, Shawnee Mission, Kansas 66202, (the "Company"), for the three and nine months ended September 27, 2014 and September 28, 2013, in thousands of dollars except share and per share amounts.
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