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SEABOARD CORPORATION REPORT OF EARNINGS AND DIVIDEND DECLARATION

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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.

Seaboard (SEB) ha riportato risultati finanziari per il terzo trimestre del 2024, evidenziando un declino delle performance. Le vendite nette sono diminuite a $2.218 milioni rispetto ai $2.388 milioni del terzo trimestre del 2023. L'azienda ha registrato una perdita netta di $149 milioni rispetto ai guadagni netti di $126 milioni nello stesso periodo dell'anno scorso. L'utile operativo è sceso a $32 milioni da $67 milioni. I risultati sono stati significativamente influenzati da un'assegnazione di valutazione di $176 milioni sui beni fiscali differiti negli Stati Uniti. L'azienda ha mantenuto il dividendo trimestrale a $2.25 per azione, pagabile il 18 novembre 2024.

Seaboard (SEB) reportó resultados financieros para el tercer trimestre de 2024, mostrando un declive en su rendimiento. Las ventas netas disminuyeron a $2,218 millones desde $2,388 millones en el tercer trimestre de 2023. La compañía registró una pérdida neta de $149 millones en comparación con ganancias netas de $126 millones en el mismo período del año pasado. Los ingresos operativos cayeron a $32 millones desde $67 millones. Los resultados se vieron significativamente afectados por una provisión de valoración de $176 millones sobre los activos fiscales diferidos en EE.UU. La compañía mantuvo su dividendo trimestral en $2.25 por acción, que se pagará el 18 de noviembre de 2024.

Seaboard (SEB)는 2024년 3분기 재무 결과를 발표하며 성과 감소를 보였습니다. 순매출은 2023년 3분기 23억 8,800만 달러에서 22억 1,800만 달러로 감소했습니다. 이 회사는 지난해 같은 기간 순이익 1억 2,600만 달러에 비해 1억 4,900만 달러의 순손실을 기록했습니다. 영업 이익은 6,700만 달러에서 3,200만 달러로 떨어졌습니다. 결과는 미국의 이연 법인세 자산에 대한 1억 7,600만 달러의 평가 충당금으로 인해 크게 영향을 받았습니다. 회사는 2024년 11월 18일에 배당금 2.25 달러를 유지했습니다.

Seaboard (SEB) a annoncé ses résultats financiers pour le troisième trimestre 2024, montrant un déclin de performance. Les ventes nettes ont diminué à 2,218 millions de dollars contre 2,388 millions de dollars au T3 2023. L'entreprise a enregistré une perte nette de 149 millions de dollars par rapport à des bénéfices nets de 126 millions de dollars au cours de la même période l'an dernier. Le résultat d'exploitation a chuté à 32 millions de dollars contre 67 millions de dollars. Les résultats ont été considérablement affectés par une provision de valorisation de 176 millions de dollars sur les actifs fiscaux différés aux États-Unis. L'entreprise a maintenu son dividende trimestriel à 2,25 dollars par action, payable le 18 novembre 2024.

Seaboard (SEB) berichtete über die finanziellen Ergebnisse für das 3. Quartal 2024 und zeigte einen Rückgang der Leistung. Die Nettoumsätze fielen auf 2.218 Millionen Dollar von 2.388 Millionen Dollar im 3. Quartal 2023. Das Unternehmen verzeichnete einen Nettoverlust von 149 Millionen Dollar im Vergleich zu einem Nettoertrag von 126 Millionen Dollar im gleichen Zeitraum des Vorjahres. Der Betriebsgewinn sank auf 32 Millionen Dollar von 67 Millionen Dollar. Die Ergebnisse wurden erheblich durch eine Bewertungszulage von 176 Millionen Dollar auf die US-amerikanischen latenten Steueraktiva beeinflusst. Das Unternehmen hielt die vierteljährliche Dividende bei 2,25 Dollar pro Aktie, die am 18. November 2024 ausgezahlt wird.

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

Insights

The Q3 results reveal significant challenges for Seaboard $176 million valuation allowance on deferred tax assets substantially impacted the bottom line, resulting in a net loss of $149 million compared to a profit of $126 million in the same quarter last year. Revenue declined by 7.1% to $2.22 billion, while operating income dropped by 52.2% to $32 million.

The company maintained its quarterly dividend at $2.25 per share despite financial headwinds, suggesting confidence in its liquidity position. However, the reduced share count (971,055 vs 1,160,779) indicates significant share repurchases, which may be questioned given the current performance. The year-to-date results show continued pressure with a $66 million loss compared to $162 million profit in the previous year.

The $176 million valuation allowance on U.S. deferred tax assets is particularly concerning. This accounting adjustment suggests management has determined there's significant uncertainty about their ability to utilize these tax benefits in the future. Such a substantial write-down indicates potential ongoing challenges in generating sufficient taxable income in U.S. operations. This conservative accounting approach, while prudent, significantly impacts the company's reported earnings and could affect investor confidence in near-term profitability prospects.

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 67th 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.

 

Cision 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.

Seaboard Corporation

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