Seaboard Corporation Report Of Earnings And Dividend Declaration

Rhea-AI Summary

Seaboard Corporation (NYSE American: SEB) reported a net loss of $26 million for the three months ended June 27, 2020, compared to net earnings of $58 million in the same period of 2019. Net sales were $1.808 billion, slightly down from $1.822 billion year-over-year. For the six-month period, a net loss of $129 million was recorded compared to earnings of $115 million. Earnings per share stood at $(22.35) for Q2 2020, down from $50.13. The Board declared a quarterly dividend of $2.25 per share, payable on August 17, 2020.

Positive

• Declared a quarterly cash dividend of $2.25 per share, maintaining investor returns.

Negative

• Net loss of $26 million for Q2 2020 compared to a profit of $58 million in Q2 2019.
• Total net loss of $129 million for the first half of 2020, against a profit of $115 million in 2019.
• Earnings per share decreased to $(22.35) from $50.13 year-over-year.

MERRIAM, Kan., July 28, 2020 /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE American: SEB) with offices at 9000 West 67^th Street, Merriam, Kansas, for the three and six months ended June 27, 2020 and June 29, 2019, in millions of dollars except share and per share amounts.

		Three Months Ended						Six Months Ended
		June 27,			June 29,			June 27,			June 29,
		2020			2019			2020			2019
Net sales		$	1,808		$	1,822		$	3,491		$	3,365
Net earnings (loss) attributable to Seaboard		$	(26)		$	58		$	(129)		$	115
Earnings (loss) per common share		$	(22.35)		$	50.13		$	(110.88)		$	98.92
Average number of shares outstanding			1,160,779			1,165,740			1,162,307			1,166,575
Dividends declared per common share		$	2.25		$	2.25		$	4.50		$	4.50

Notes to Report of Earnings:

Capital market volatility on short-term investments has an impact on Seaboard's earnings. For the three and six months ended June 27, 2020, net loss attributable to Seaboard Corporation included other investment income (loss) of $128 million and $(97) million, respectively. For the three and six months ended June 29, 2019, net earnings attributable to Seaboard Corporation included other investment income of $37 million and $150 million, respectively. Non-cash unrealized marked-to-market gains (losses) on short-term investments was $113 million and $(97) million for the three and six months ended June 27, 2020, respectively.

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 August 17, 2020 to stockholders of record at the close of business on August 7, 2020.

Seaboard Corporation today filed its Quarterly Report on Form 10-Q with the United States Securities and Exchange Commission. Seaboard Corporation has provided access to the Quarterly Report on Form 10-Q on its website at https://www.seaboardcorp.com/investors.

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SOURCE Seaboard Corporation

FAQ

What were Seaboard Corporation's earnings for Q2 2020?

Seaboard Corporation reported a net loss of $26 million for Q2 2020.

What is the earnings per share for Seaboard Corporation in Q2 2020?

The earnings per share for Seaboard Corporation in Q2 2020 was $(22.35).

How did Seaboard Corporation's net sales in Q2 2020 compare to Q2 2019?

Net sales for Seaboard Corporation in Q2 2020 were $1.808 billion, down from $1.822 billion in Q2 2019.

When will the dividend declared by Seaboard Corporation be paid?

The dividend of $2.25 per share will be paid on August 17, 2020.