Seaboard Corp Files Q3 2024 10-Q

TL;DR

Seaboard Corp's Q3 10-Q is in. Check financials.

AI Summary

Seaboard Corporation filed its 10-Q for the period ending September 28, 2024. The filing details the company's financial performance and position. Key financial data and disclosures are presented as required by SEC regulations for public companies.

Why It Matters

This filing provides investors and analysts with a detailed look at Seaboard Corporation's financial health and operational performance during the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Players & Entities

• SEABOARD CORP /DE/ (company) — Filer
• 20240928 (date) — Period of Report
• 20241029 (date) — Filing Date
• 9000 W. 67TH STREET (address) — Business Address
• SHAWNEE MISSION (city) — Business Address City
• KS (state) — Business Address State
• 66202 (zip_code) — Business Address Zip

FAQ

Key Financial Figures

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

Filing Documents

• seb-20240928x10q.htm (10-Q) — 2386KB
• seb-20240928xex31d1.htm (EX-31.1) — 19KB
• seb-20240928xex31d2.htm (EX-31.2) — 19KB
• seb-20240928xex32d1.htm (EX-32.1) — 10KB
• seb-20240928xex32d2.htm (EX-32.2) — 10KB
• 0000088121-24-000087.txt ( ) — 10613KB
• seb-20240928.xsd (EX-101.SCH) — 37KB
• seb-20240928_cal.xml (EX-101.CAL) — 58KB
• seb-20240928_def.xml (EX-101.DEF) — 254KB
• seb-20240928_lab.xml (EX-101.LAB) — 397KB
• seb-20240928_pre.xml (EX-101.PRE) — 296KB
• seb-20240928x10q_htm.xml (XML) — 2731KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, (Millions of dollars except share and per share amounts) 2024 2023 2024 2023 Net sales: Products (includes sales to affiliates of $ 278 , $ 291 , $ 892 and $ 839 ) $ 1,805 $ 1,966 $ 5,399 $ 5,907 Services (includes sales to affiliates of $ 9 , $ 7 , $ 28 and $ 19 ) 344 349 1,042 1,185 Other 69 73 177 188 Total net sales 2,218 2,388 6,618 7,280 Cost of sales and operating expenses: Products 1,731 1,905 5,251 5,981 Services 305 276 891 882 Other 45 42 123 122 Total cost of sales and operating expenses 2,081 2,223 6,265 6,985 Gross income 137 165 353 295 Selling, general and administrative expenses 105 98 311 295 Operating income 32 67 42 — Other income (expense): Interest expense ( 21 ) ( 9 ) ( 50 ) ( 41 ) Interest income (includes $ 1 , $ 1 , $ 2 and $ 4 from affiliates) 16 18 52 45 Income from affiliates 17 23 59 74 Other investment income (loss), net 6 ( 7 ) 29 43 Foreign currency gains (losses), net ( 9 ) — ( 21 ) 3 Miscellaneous, net — 1 ( 1 ) 4 Total other income, net 9 26 68 128 Earnings before income taxes 41 93 110 128 Income tax benefit (expense) ( 190 ) 33 ( 176 ) 34 Net earnings (loss) $ ( 149 ) $ 126 $ ( 66 ) $ 162 Less: Net earnings attributable to noncontrolling interests — — — — Net earnings (loss) attributable to Seaboard $ ( 149 ) $ 126 $ ( 66 ) $ 162 Earnings (loss) per common share $ ( 153.44 ) $ 108.55 $ ( 67.97 ) $ 139.56 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

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 September 28, 2024. Substantially all of Seaboard's contingencies are subject to uncertainties and, therefore, determining the likelihood of a loss or the measurement of any loss can be complex. Consequently, Seaboard is unable to estimate the 8 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 defen

View Full Filing

View this 10-Q filing on SEC EDGAR