Tuesday, August 16, 2011 9:38:13 PM
Income drops for Seaboard’s trading, milling division
FoodBusinessNews.net, August 11, 2011
by Eric Schroeder
Bookmark and Share
SHAWNEE MISSION, KAS. — Operating income of the Commodity Trading and Milling Division of Seaboard Corp. in the second quarter ended July 2 fell 22% to $15,230,000 from $19,523,000, reflecting mark-to-market accounting of the company’s derivative contracts. Excluding mark-to-market adjustments, operating income in the quarter increased 98% to $17,400,000.
For the first six months of fiscal 2011, operating income in the division totaled $38,302,000, down 9% from $42,157,000. Excluding mark-to-market adjustments, operating income in the first half was $28,500,000, up 26% from $22,700,000.
Division sales totaled $621,007,000 in the second quarter, up 53% from $405,633,000. For the first half, sales rose 64% to $1,333,238,000 from $813,736,000.
“The increases are primarily the result of increased prices for wheat and corn, and, to a lesser extent, increased volume of commodities sold to third parties,” Seaboard said in an Aug. 10 filing with the Securities and Exchange Commission.
In the company’s Sugar segment, operating income totaled $21,586,000 in the second quarter, up 126% from $9,500,000 in the same period of fiscal 2010. For the first half, operating income rose to $44,025,000 from $20,822,000. Seaboard said the increases reflected higher margins from the increase in sugar prices. Going forward, Seaboard said it expects positive operating income for the segment for the remainder of fiscal 2011 but cautioned that a labor strike that began at a sugar mill in late July may result in a shorter harvest season and may have an impact on anticipated operating results.
Net sales for the Sugar segment in the second quarter rose 61% to $72,594,000 from $45,036,000, and for the first half climbed 41% to $139,597,000 from $98,858,000.
Overall, Seaboard Corp. net income in the second quarter was $113,486,000, equal to $93.34 per share on the common stock, up 46% from $77,604,000, or $63.21 per share, in the second quarter of fiscal 2010. Net sales for the quarter totaled $1,398,587,000, up 33% from $1,048,463,000 in the same period last year. For the first six months net income was $230,350,000, or $189.45 per share, up sharply from $140,382,000, or $114.02 per share. Net sales totaled $2,866,766,000, up 39% from $2,068,739,000.
Good luck to all...Remember the trend is your friend
June Wong
Recent SEB News
- SEABOARD FOODS NAMES CHAD GROVES AS PRESIDENT AND CEO TO SUCCEED PETER BROWN AFTER RETIREMENT • PR Newswire (US) • 03/25/2024 08:13:00 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 03/08/2024 11:04:51 AM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 03/08/2024 11:02:26 AM
- SEABOARD CORPORATIONREPORT OF EARNINGS AND DIVIDEND DECLARATION • PR Newswire (US) • 02/13/2024 10:16:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 09:05:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/15/2023 09:07:40 PM
- SEABOARD CORPORATION REPORT OF EARNINGS AND DIVIDEND DECLARATION • PR Newswire (US) • 10/30/2023 09:31:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 10/30/2023 08:10:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/30/2023 08:06:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/10/2023 08:07:43 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 10/10/2023 08:05:08 PM
- Seaboard Corporation Announces Share Repurchase • PR Newswire (US) • 10/09/2023 12:43:00 PM
- REPORT OF EARNINGS AND DIVIDEND DECLARATION • PR Newswire (US) • 08/01/2023 09:11:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/01/2023 08:10:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2023 08:07:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/11/2023 09:20:54 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 07/11/2023 09:18:46 PM
- /C O R R E C T I O N -- Seaboard Corporation/ • PR Newswire (US) • 05/04/2023 08:57:00 PM
- SEABOARD CORPORATION REPORT OF EARNINGS AND DIVIDEND DECLARATION • PR Newswire (US) • 05/03/2023 08:16:00 PM
FEATURED POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • Mar 27, 2024 10:52 AM
Endexx Corporation (EDXC) Leverages Global Market Trends and Legislative Reforms to Spearhead Growth in the Cannabis and Plant-Based Wellness Sectors • EDXC • Mar 27, 2024 3:01 PM
Applied UV, Inc. Announces Pricing of $2.76 Million Registered Direct and Private Placement Priced at the Market Under Nasdaq Rules • AUVI • Mar 27, 2024 2:51 PM
Maybacks Global Entertainment Opens 23 More Stations in Important Major Cities • AHRO • Mar 27, 2024 9:00 AM
NxGen Brands Inc. Forecast to Deliver 140% Growth in Q1 2024 • NXGB • Mar 27, 2024 7:30 AM
Kona Gold Beverages, Inc. Strategic Advancements: Covert LLC Introduces Federally Legal D9 Gummies and Revamps Innovative eCommerce Platform, Propelling Toward $12 Million Annual Revenue Goal • KGKG • Mar 26, 2024 8:30 AM