Seaboard income down 30% in year
March 03, 2008
by FoodBusinessNews.net Staff
SHAWNEE MISSION, KAS. — For the year ended Dec. 31, Seaboard Corp. posted net earnings of $181,322,000, equal to $144.15 per share on the common stock, down 30% from $258,689,000, or $205.09 per share, during 2006. Seaboard’s sales for the year were $3,213,301,000, up 19% from $2,707,397,000 during the previous year.
In the Pork Segment, the company posted an operating income of $39.5 million for the year, down 71% from $138.3 million during the previous year. The company attributed the decrease to higher feed costs, especially corn and soybean meal. Net sales for the segment were $1,003.8 million, nearly flat compared with $1,002.7 million during 2006.
In the Commodity Trading and Milling segment, operating income for the year was $20.9 million, down 44% from $37.2 million during the previous year. Sales for the year were $1,152 million, up 57% from $735.6 million during the previous year.
For the quarter ended Dec. 31, Seaboard posted earnings of $36,748,000, down 52% from $76,770,000 during the same quarter of the previous year. Sales in the quarter were $940,606,000, up 34% from $704,505,000 during the same quarter of 2006.