SEABOARD CORPORATION REPORT OF EARNINGS AND DIVIDEND DECLARATION

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

News Market Reaction – SEB

-2.51%

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In the trading session that priced this news, SEB declined 2.51%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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MERRIAM, Kan., Oct. 29, 2024 /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE American symbol: SEB), with offices at 9000 West 67^th Street, Merriam, Kansas, for the three and nine months ended September 28, 2024 and September 30, 2023, in millions of dollars except share and per share amounts.

(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 U.S deferred tax assets of $176 million, with a corresponding charge to income tax expense. Further detail on the valuation allowance and third quarter results are included in its Quarterly Report on Form 10-Q filed today with the United States Securities and Exchange Commission. Seaboard Corporation has provided access to the Form 10-Q on its website at https://www.seaboardcorp.com/investors.

Also, Seaboard Corporation announced today that its Board of Directors has authorized and declared a quarterly cash dividend of $2.25 per share of its common stock. The dividend is payable on November 18, 2024 to stockholders of record at the close of business on November 8, 2024.

 

View original content:https://www.prnewswire.com/news-releases/seaboard-corporation-report-of-earnings-and-dividend-declaration-302290665.html

SOURCE Seaboard Corporation

FAQ

What was Seaboard 's (SEB) net loss in Q3 2024?

Seaboard reported a net loss of $149 million in Q3 2024, compared to net earnings of $126 million in Q3 2023.

What dividend did SEB declare for Q3 2024?

Seaboard declared a quarterly cash dividend of $2.25 per share, payable on November 18, 2024, to stockholders of record as of November 8, 2024.

How much was SEB's tax valuation allowance in Q3 2024?

Seaboard recorded a valuation allowance of $176 million on its U.S. deferred tax assets in Q3 2024.

What were SEB's Q3 2024 net sales compared to Q3 2023?

Seaboard 's net sales were $2,218 million in Q3 2024, down from $2,388 million in Q3 2023.