SEABOARD CORPORATION REPORT OF EARNINGS AND DIVIDEND DECLARATION
Seaboard (SEB) reported financial results for Q3 2024, showing a decline in performance.
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Rhea-AI Summary
Seaboard (SEB) reported financial results for Q3 2024, showing a decline in performance. Net sales decreased to $2,218 million from $2,388 million in Q3 2023. The company recorded a net loss of $149 million compared to net earnings of $126 million in the same period last year. Operating income fell to $32 million from $67 million. The results were significantly impacted by a $176 million valuation allowance on U.S. deferred tax assets. The company maintained its quarterly dividend at $2.25 per share, payable on November 18, 2024.
Positive
- Maintained quarterly dividend at $2.25 per share
- Operating income remained positive at $32 million in Q3 2024
Negative
- Net loss of $149 million in Q3 2024 compared to $126 million profit in Q3 2023
- Net sales declined 7.1% to $2,218 million in Q3 2024
- Operating income decreased 52% from $67 million to $32 million
- $176 million tax valuation allowance charge impacting earnings
- EPS turned negative to -$153.44 from $108.55 in Q3 2023
Details
News Market Reaction – SEB
The recorded move for SEB in the trading session of this news was -2.51%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
(UNAUDITED) | Three Months Ended | Nine Months Ended | |||||||||||
September 28, | September 30, | September 28, | September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Net sales | $ | 2,218 | $ | 2,388 | $ | 6,618 | $ | 7,280 | |||||
Operating income | $ | 32 | $ | 67 | $ | 42 | $ | — | |||||
Net earnings (loss) attributable to Seaboard | $ | (149) | $ | 126 | $ | (66) | $ | 162 | |||||
Earnings (loss) per common share | $ | (153.44) | $ | 108.55 | $ | (67.97) | $ | 139.56 | |||||
Average number of shares outstanding | 971,055 | 1,160,779 | 971,055 | 1,160,779 | |||||||||
Dividends declared per common share | $ | 2.25 | $ | 2.25 | $ | 6.75 | $ | 6.75 | |||||
Seaboard Corporation's results for the three and nine months ended September 28, 2024 were impacted by a valuation allowance recorded on its
Also, Seaboard Corporation announced today that its Board of Directors has authorized and declared a quarterly cash dividend of
View original content:https://www.prnewswire.com/news-releases/seaboard-corporation-report-of-earnings-and-dividend-declaration-302290665.html
SOURCE Seaboard Corporation
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