Seaboard Corporation Report of Earnings and Dividend Declaration

Rhea-AI Summary

Seaboard Corporation (NYSE: SEB) reported strong earnings for Q1 2021, with net sales reaching $2,059 million, up from $1,683 million in Q1 2020. The net earnings attributable to the company were $179 million, compared to a loss of $103 million the previous year. Earnings per share for Q1 2021 stood at $154.03, a significant recovery from ($88.73). The Board declared a quarterly cash dividend of $2.25, payable on May 24, 2021. The report highlights improved performance, particularly in investment income, with $71 million noted compared to a loss of ($225 million) in the prior year.

Positive

• Net sales increased to $2,059 million in Q1 2021 from $1,683 million in Q1 2020.
• Net earnings attributable to Seaboard improved to $179 million compared to a loss of $103 million.
• Earnings per share rose to $154.03, a significant positive shift from ($88.73).
• Quarterly cash dividend of $2.25 declared, consistent with the previous year.

Negative

• Capital market volatility impacted earnings, highlighting exposure to short-term investment losses.

MERRIAM, Kan., May 4, 2021 /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 months ended April 3, 2021 and March 28, 2020, in millions of dollars except share and per share amounts.

		Three Months Ended
		April 3,			March 28,
		2021			2020
Net sales		$	2,059		$	1,683
Net earnings (loss) attributable to Seaboard		$	179		$	(103)
Earnings (loss) per common share		$	154.03		$	(88.73)
Average number of shares outstanding			1,160,779			1,163,888
Dividends declared per common share		$	2.25		$	2.25

Notes to Report of Earnings:

Capital market volatility on short-term investments has an impact on Seaboard's earnings. For the three months ended April 3, 2021 and March 28, 2020, net earnings (loss) attributable to Seaboard Corporation included other investment income (loss) of $71 million and ($225) million, respectively. The unrealized gains (losses) related to these short–term investments was $65 million and ($236) million for the three months ended April 3, 2021 and March 28, 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 May 24, 2021 to stockholders of record at the close of business on May 14, 2021.

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 Q1 2021?

Seaboard Corporation reported Q1 2021 net earnings attributable to the company of $179 million.

How did Seaboard Corporation's Q1 2021 sales compare to Q1 2020?

Net sales for Q1 2021 were $2,059 million, an increase from $1,683 million in Q1 2020.

What is the dividend declared by Seaboard Corporation for Q1 2021?

The Board declared a quarterly cash dividend of $2.25 per share, payable on May 24, 2021.

What was Seaboard Corporation's earnings per share for Q1 2021?

Earnings per share for Q1 2021 were $154.03, a significant increase from ($88.73) in the previous year.

How did investment income impact Seaboard Corporation's earnings?

In Q1 2021, Seaboard reported other investment income of $71 million, compared to a loss of $225 million in Q1 2020.