Seaboard Corporation reported significant financial changes in its 10-Q filing for the nine months ended September 28, 2024. The company experienced a net loss of $66 million, a stark contrast to a net income of $162 million for the same period in 2023. This decline was attributed to decreased net sales, which fell by $662 million year-over-year, primarily driven by lower commodity prices in the Commodity Trading and Milling (CT&M) segment.
Total revenues for the third quarter of 2024 decreased by $170 million compared to the previous year, with the CT&M segment alone accounting for a $138 million drop due to reduced commodity prices. The Marine and Liquid Fuels segments also reported declines in sales, contributing to the overall decrease. However, the Pork segment showed resilience, with net sales increasing by $162 million for the nine-month period, reflecting higher volumes sold.
Operating income for the consolidated entity decreased to $32 million in Q3 2024 from $67 million in Q3 2023. The decline was primarily due to reduced margins in the Liquid Fuels and Marine segments, despite a significant increase in operating income from the Pork segment, which rose to $12 million from a loss of $40 million in the prior year.
Seaboard's total assets as of September 28, 2024, were $7,534 million, a slight decrease from $7,566 million at the end of 2023. Current assets increased to $3,513 million, driven by higher cash and short-term investments, which rose to $1,202 million. However, total current liabilities also increased to $1,437 million from $1,335 million.
The company’s capital expenditures for the nine months ended September 28, 2024, amounted to $373 million, with plans for an additional $165 million for the remainder of the year. This investment includes projects in the Pork segment and marine vessel construction.
Seaboard is also navigating various legal challenges, including antitrust litigations related to its Seaboard Foods LLC subsidiary and ongoing litigation concerning the Helms-Burton Act. The company believes it has strong defenses against these claims.
Overall, Seaboard's financial performance reflects a challenging market environment, particularly in commodity trading and fuel sales, while the Pork segment has shown notable improvement. The company continues to adapt its operational strategies in response to these market conditions.
About SEABOARD CORP /DE/
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