May 13, 2013

In the first quarter ended March 30, operating income of SeaboardCorp.'s pork segment totalled US$32,264,000, down 39% from US$52,873,000 in the same period a year ago.

Seaboard said the decrease was primarily a result of lower prices for pork products and higher feed costs, partially offset by a one-time credit of US$11.3 million. Net sales in the pork segment increased 2% to US$409,252,000 from US$400,661,000.

Operating income of the company's Commodity Trading and Milling Division in the first quarter decreased 52% to US$12,328,000 from US$25,693,000 in the same period a year ago, reflecting lower margins on commodity trading sales to third parties and non-consolidated affiliates, especially on sales of wheat and corn. Excluding mark-to-market adjustments, operating income in the quarter fell to US$4,000,000 from US$19,400,000.

Division sales totalled US$800,754,000, up 11% from US$724,538,000 in the first quarter of fiscal 2012. Seaboard said the increase reflected higher prices for wheat and soymeal during the quarter.

Overall, Seaboard Corp.'s net income in the first quarter was US$57,454,000, equal to US$47.98 per share on the common stock, down 30% from US$82,209,000, or US$68 per share, in the first quarter of fiscal 2012.

Net sales for the quarter totalled US$1,582,296,000, up 8% from US$1,471,113,000 in the same period last year.