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Seaboard Corporation (SEB-0.66%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Seaboard's diversified operations, which include pork production, commodity trading, marine shipping, liquid fuels, power generation, and a significant investment in the turkey industry through Butterball, LLC.
Net sales for the year were $9.1 billion, a decrease from $9.6 billion in 2023, primarily due to lower commodity prices in the Commodity Trading and Milling segment.
Operating income for 2024 was $156 million, compared to an operating loss of $87 million in 2023, largely driven by improved margins in the Pork segment.
Seaboard's net earnings attributable to shareholders were $88 million, down from $226 million in the previous year, influenced by a $212 million valuation allowance on U.S. deferred tax assets.
The Pork segment reported net sales of $2.1 billion and an operating income of $20 million, recovering from a loss in 2023 due to higher pork product prices and lower feed costs.
The Commodity Trading and Milling segment experienced a decline in net sales to $4.7 billion, with operating income slightly decreasing to $132 million.
The Marine segment's net sales were $1.4 billion, with operating income decreasing to $82 million due to lower voyage revenue.
The Liquid Fuels segment reported a net sales decrease to $556 million, with an operating loss of $100 million, impacted by lower market prices for environmental credits.
The Power segment maintained stable net sales of $239 million, with operating income decreasing to $61 million due to increased maintenance costs.
Seaboard's investment in Butterball resulted in income of $37 million, down from $87 million in 2023, due to lower turkey product prices.
Seaboard's cash and short-term investments totaled $1.2 billion as of December 31, 2024, with $97 million held by foreign subsidiaries.
Capital expenditures for 2024 amounted to $511 million, primarily for renewable biogas recovery projects and marine vessel construction.
Seaboard's total assets as of year-end were $7.7 billion, with liabilities totaling $2.9 billion, resulting in a total equity of $4.7 billion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seaboard Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.