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Email Content: Poultry Industry News, Comments and more by Simon M. Shane

Seaboard Corp Posts Q3 Results


On November 2nd Seaboard Corporation (SEB) published results for the third quarter of FY 2021 ending October 2nd. Seaboard is a conglomerate with interests in pork, shipping, milling, commodity trading, power generation, ethanol production and is a fifty percent shareholder in Butterball LLC.


For the period, the company earned $194 million on revenue of $2,276 million with an EPS of $81.50.  Corresponding values for Q3 of fiscal 2020 ending September 26th included net earnings of $151 million on revenue of $1,645 million with an EPS of $132.58.


For the most recent quarter, the Pork Segment attained revenue of $527 million out of total Company earnings of $2,276 million. The Pork segment contributed $52 million to Company earnings out of a total for all segments amounting to $116 million.


Seaboard Corporation holds 50 percent of the equity of Butterball LLC valued at $245 million.  For the quarter, based on the Seaboard Corporation SEC Q-10 posting, Butterball represented a loss to Seaboard of $10 million for Q3 FY 2021 and a loss of  $19 million as reflected on the income statement of Seaboard Corporation.  Butterball attained revenue of $464 million in Q3 with an operating loss of $15 million and a net loss of $18 million. Total assets of Butterball were valued at $1,200 million. The Seaboard 10-Q report ascribes the loss in the Butterball subsidiary as due to higher feed and production costs offset by an increase in sales volume and higher unit revenue. Seaboard anticipates a profit for Butterball in Q4 attributed to seasonal sales and higher prices.


Seaboard Corporation posted a November 3rd intraday market capitalization of $4,470 million. The 52-week share price has ranged from $2,870 to $4,470 with a 50-day moving average of $4,077.  On a trailing 12-month basis, operating margin was 5.1 percent and profit margin 9.5 percent.  The company generated a return on assets of 4.0 percent and 20.3 percent on equity Of the shareholding, 78 percent is held by insiders.

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