Seaboard Corporation Report Of Earnings And Dividend Declaration

Rhea-AI Summary

Seaboard Corporation (NYSE: SEB) reported earnings for the third quarter and nine months ended September 26, 2020. Net sales reached $1,645 million, slightly down from $1,663 million in 2019. Net earnings attributable to Seaboard stood at $147 million compared to a loss of $7 million in the previous year. Earnings per share for Q3 were $126.17, a significant recovery from $(6.00) per share in 2019. The company declared a quarterly cash dividend of $2.25 per share, payable on November 16, 2020. The report also noted investment income volatility impacting earnings.

Positive

• Net earnings attributable to Seaboard increased to $147 million from a loss of $7 million in the same quarter last year.
• Earnings per share rose to $126.17, compared to $(6.00) in Q3 2019.
• Quarterly cash dividend declared at $2.25 per share, consistent with previous dividends.

Negative

• Net sales decreased to $1,645 million from $1,663 million year-over-year.
• Investment income showed significant volatility, with other investment income of $56 million for Q3 compared to $2 million in 2019.

MERRIAM, Kan., Oct. 27, 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 nine months ended September 26, 2020 and September 28, 2019, in millions of dollars except share and per share amounts.

		Three Months Ended						Nine Months Ended
		September 26,			September 28,			September 26,			September 28,
		2020			2019			2020			2019
Net sales		$	1,645		$	1,663		$	5,136		$	5,028
Net earnings (loss) attributable to Seaboard		$	147		$	(7)		$	18		$	108
Earnings (loss) per common share		$	126.17		$	(6.00)		$	15.14		$	92.97
Average number of shares outstanding			1,160,779			1,165,081			1,161,792			1,166,073
Dividends declared per common share		$	2.25		$	2.25		$	6.75		$	6.75

Notes to Report of Earnings:

Capital market volatility on short-term investments has an impact on Seaboard's earnings. For the three and nine months ended September 26, 2020, net earnings attributable to Seaboard Corporation included other investment income (loss) of $56 million and $(41) million, respectively. For the three and nine months ended September 28, 2019, net earnings (loss) attributable to Seaboard Corporation included other investment income of $2 million and $152 million, respectively. Non-cash unrealized marked-to-market gains (losses) on short-term investments was $53 million and $(45) million for the three and nine months ended September 26, 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 November 16, 2020 to stockholders of record at the close of business on November 6, 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 are Seaboard Corporation's earnings results for Q3 2020?

Seaboard Corporation reported net earnings of $147 million for Q3 2020, compared to a loss of $7 million in Q3 2019.

How much revenue did Seaboard Corporation generate in Q3 2020?

Seaboard Corporation reported net sales of $1,645 million for the third quarter of 2020.

What is the dividend declared by Seaboard Corporation?

Seaboard Corporation declared a quarterly cash dividend of $2.25 per share, payable on November 16, 2020.

How did Seaboard Corporation's earnings per share change in Q3 2020?

Earnings per share for Q3 2020 increased to $126.17 from $(6.00) per share in the same quarter last year.

What impact did capital market volatility have on Seaboard Corporation's earnings?

Capital market volatility led to a significant variation in investment income, which affected overall earnings.