Seaboard Q3 profit falls to $28 million, sales rise

Seaboard (SEB) said on Nov. 3 that net earnings for the third quarter fell to $28 million from $109 million a year earlier. Net sales rose to $2.77 billion from $2.54 billion over the same period. Shares were little changed in regular trading as of 9:48 a.m. ET on Nov. 4.

The results cover the three and nine months ended Oct. 3. For the nine months, net earnings were $300 million, up from $243 million a year earlier, and net sales were $8.09 billion, up from $7.34 billion.

Here's how the company did:

• Net sales: $2.77 billion vs. $2.54 billion a year earlier
• Operating income: $13 million vs. $84 million a year earlier
• Net earnings attributable to Seaboard: $28 million vs. $109 million a year earlier
• Earnings per common share: $29.23 vs. $113.71 a year earlier

Operating income for the quarter was $13 million, compared with $84 million a year earlier.

For the nine months, earnings per common share were $313.22, up from $251.47 a year earlier.

Average shares outstanding in the quarter were 957,794, compared with 958,618 a year earlier.

The board declared a quarterly cash dividend of $2.25 per share, the same as a year earlier. The dividend is payable Nov. 23 to stockholders of record at the close of business on Nov. 13.

The company said in a press release that it had filed its quarterly report with the Securities and Exchange Commission and posted access to it on its investor website.