SEABOARD CORPORATION REPORT OF EARNINGS AND DIVIDEND DECLARATION

PR Newswire

MERRIAM, Kan., Oct. 29, 2024

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.

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SOURCE Seaboard Corporation

/CONTACT: Seaboard Corporation, 913-676-8800

(END) Dow Jones Newswires

October 29, 2024 16:20 ET (20:20 GMT)