Seaboard net income more than triples in third quarter

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  Andrea Gantz

  Seaboard's turkey and pork segments helped lift Seaboard's net income for the third quarter of fiscal year 2014.

  From WATTAgNet:
  Net income for Seaboard Corp. rose in the third quarter, anchored by the strength of its turkey and pork segments. The company reported net income for the third quarter of $104.7 million or $89.49 per share, compared to $31.0 million or $25.99 per share for the year-ago quarter.
  
  Net sales for the third quarter fell to $1.62 billion from $1.65 billion during the same quarter in 2013.
  
  Turkey segment's net income surges
  
  The Seaboard turkey segment, Butterball, reported an income of $14.3 million, compared to a loss of nearly $4 million during the third quarter of 2014. Net sales for the turkey segment amounted to $487 million, an improvement from the $445 million recorded during the same quarter in 2013.
  
  Seaboard pork segment doubles income
  Seaboard’s pork segment saw its income more than double, reaching $70 million in the first quarter, up from the $34 million recorded during the same period in 2013. The pork segment’s sales for the quarter reached $455 million, up from the $436 million achieved during the same period of 2013.
  
  As of September 27, Seaboard's pork segment sold a 50 percent interest in Daily's Premium Meats, its processed meats division, to Triumph Foods. Included in net earnings attributable to Seaboard for the three and nine months ended September 27, is a gain on sale of controlling interest in subsidiary of $39,279,000 net of taxes, or $33.56 and $33.25 per share, respectively (a $64,392,000 gain before taxes). The final sale price is subject to agreement on the final working capital adjustments but any such remaining adjustment is not anticipated to be significant.