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Seaboard fiscal Q2 profit climbs 77.8% YOY

Seaboard Corp. said its normalized net income for the fiscal second quarter ended July 2 amounted to $51.26 per share, a gain of 77.8% from $28.83 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $60.0 million, an increase of 77.8% from $33.8 million in the year-earlier period.

The normalized profit margin climbed to 4.4% from 2.4% in the year-earlier period.

Total revenue decreased 5.0% year over year to $1.36 billion from $1.43 billion, and total operating expenses fell 8.2% from the prior-year period to $1.28 billion from $1.40 billion.

Reported net income increased from the prior-year period to $80.0 million, or $68.34 per share, from $32.0 million, or $27.34 per share.