Seaboard Corp Files 10-Q for Q2 2024

TL;DR

Seaboard Corp's Q2 10-Q is in - check financials for farm product wholesale biz.

AI Summary

Seaboard Corporation filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates for the company, which is involved in the wholesale of farm product raw materials. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with a crucial update on Seaboard Corporation's financial health and business operations for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company in the agricultural sector, Seaboard Corporation is subject to market volatility, commodity price fluctuations, and regulatory changes.

Key Players & Entities

• SEABOARD CORP /DE/ (company) — Filer
• 20240629 (date) — Period of Report
• 9000 W. 67TH STREET (address) — Business Address
• SHAWNEE MISSION (location) — Business City
• KS (state) — Business State
• 66202 (zip_code) — Business Zip

FAQ

Key Financial Figures

• $1.00 — hange on which registered Common Stock $1.00 Par Value SEB NYSE American Indic

Filing Documents

• seb-20240629x10q.htm (10-Q) — 2289KB
• seb-20240629xex31d1.htm (EX-31.1) — 19KB
• seb-20240629xex31d2.htm (EX-31.2) — 19KB
• seb-20240629xex32d1.htm (EX-32.1) — 10KB
• seb-20240629xex32d2.htm (EX-32.2) — 10KB
• 0000088121-24-000074.txt ( ) — 10267KB
• seb-20240629.xsd (EX-101.SCH) — 36KB
• seb-20240629_cal.xml (EX-101.CAL) — 57KB
• seb-20240629_def.xml (EX-101.DEF) — 248KB
• seb-20240629_lab.xml (EX-101.LAB) — 385KB
• seb-20240629_pre.xml (EX-101.PRE) — 286KB
• seb-20240629x10q_htm.xml (XML) — 2647KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, (Millions of dollars except share and per share amounts) 2024 2023 2024 2023 Net sales: Products (includes sales to affiliates of $ 312 , $ 290 , $ 614 and $ 548 ) $ 1,802 $ 1,957 $ 3,594 $ 3,941 Services (includes sales to affiliates of $ 12 , $ 6 , $ 19 and $ 12 ) 348 373 698 836 Other 59 63 108 115 Total net sales 2,209 2,393 4,400 4,892 Cost of sales and operating expenses: Products 1,751 1,982 3,520 4,076 Services 289 275 586 606 Other 40 40 78 80 Total cost of sales and operating expenses 2,080 2,297 4,184 4,762 Gross income 129 96 216 130 Selling, general and administrative expenses 99 100 206 197 Operating income (loss) 30 ( 4 ) 10 ( 67 ) Other income (expense): Interest expense ( 17 ) ( 20 ) ( 29 ) ( 32 ) Interest income (includes $ 0 , $ 1 , $ 1 and $ 3 from affiliates) 17 14 36 27 Income from affiliates 23 25 42 51 Other investment income, net 5 23 23 50 Foreign currency gains (losses), net ( 11 ) 7 ( 12 ) 3 Miscellaneous, net ( 1 ) 3 ( 1 ) 3 Total other income, net 16 52 59 102 Earnings before income taxes 46 48 69 35 Income tax benefit 15 4 14 1 Net earnings $ 61 $ 52 $ 83 $ 36 Less: Net earnings attributable to noncontrolling interests — — — — Net earnings attributable to Seaboard $ 61 $ 52 $ 83 $ 36 Earnings per common share $ 62.82 $ 44.80 $ 85.47 $ 31.01 Average number of shares outstanding 971,055 1,160,779 971,055 1,160,779 Other comprehensive income (loss), net of income tax expense: Foreign currency translation adjustment — 1 ( 2 ) 13 Unrecognized pension cost — 2 2 4 Other c

Legal Proceedings

Legal Proceedings Seaboard is subject to various legal proceedings and claims that arise in the ordinary course of business and otherwise, including those matters described below. Seaboard accrues liabilities for loss contingencies when it is deemed probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, Seaboard accrues the minimum amount in the range. For such matters where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual has been made. In Seaboard's opinion, it has made appropriate and adequate accruals for loss contingencies where necessary as of June 29, 2024. Substantially all of Seaboard's contingencies are subject to uncertainties and, therefore, determining the 8 likelihood of a loss or the measurement of any loss can be complex. Consequently, Seaboard is unable to estimate the range of reasonably possible loss in excess of the amounts accrued. Seaboard's assessments, which result from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions deemed reasonable by management, including an expected probable loss associated with settling or otherwise resolving such contingencies. These estimates and assumptions may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might change such estimates and assumptions. At the end of each reporting period, Seaboard reviews information with respect to its legal proceedings, claims and other related loss contingencies and updates its accruals, disclosures and estimates of reasonably possible loss or range of loss based on such reviews. Costs for defending

View Full Filing

View this 10-Q filing on SEC EDGAR