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Seaboard fiscal Q2 profit falls YOY

Seaboard Corp. said its normalized net income for the fiscal second quarter ended July 4 amounted to $28.34 per share, a decrease of 62.5% from $75.59 per share in the second quarter ended June 28, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $33.2 million, a decrease of 63.0% from $89.6 million in the second quarter ended June 28, 2014.

The normalized profit margin declined to 2.4% from 5.3% in the year-earlier period.

Total revenue decreased 15.7% on an annual basis to $1.43 billion from $1.69 billion, and total operating expenses fell 10.5% year over year to $1.40 billion from $1.56 billion.

Reported net income decreased 66.3% from the prior-year period to $31.7 million, or $27.04 per share, from $94.0 million, or $79.28 per share.