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Seaboard profit misses consensus by 51.6% in fiscal Q1

Seaboard Corp. said its normalized net income for the fiscal first quarter ended April 4 was $25.68 per share, compared with the S&P Capital IQ consensus estimate of $53.06 per share.

EPS decreased 35.0% year over year from $39.48.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $30.1 million, a decrease of 35.9% from $46.9 million in the first quarter ended March 29, 2014.

The normalized profit margin dropped to 2.1% from 3.2% in the year-earlier period.

Total revenue decreased on an annual basis to $1.45 billion from $1.48 billion, and total operating expenses totaled $1.42 billion, compared with $1.41 billion in the prior-year period.

Reported net income decreased 30.8% from the prior-year period to $33.4 million, or $28.49 per share, from $48.2 million, or $40.55 per share.