Seaboard Corp. said its fourth-quarter normalized net income came to $59.03 per share, a decline of 23.7% from $77.33 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $69.1 million, a decline of 23.6% from $90.5 million in the prior-year period.

The normalized profit margin fell to 5.3% from 5.4% in the year-earlier period.

Total revenue decreased 22.3% on an annual basis to $1.30 billion from $1.68 billion, and total operating expenses fell 18.6% from the prior-year period to $1.26 billion from $1.55 billion.

Reported net income fell 13.1% on an annual basis to $103.4 million, or $88.35 per share, from $119.1 million, or $101.75 per share.

For the year, the company's normalized net income totaled $130.49 per share, a decrease of 47.5% from $248.42 per share in the prior year.

Normalized net income was $152.8 million, a fall of 47.8% from $292.8 million in the prior year.

Full-year total revenue declined 13.6% year over year to $5.59 billion from $6.47 billion, and total operating expenses declined 9.6% on an annual basis to $5.47 billion from $6.05 billion.

The company said reported net income fell 53.4% on an annual basis to $171.0 million, or $146.09 per share, in the full year, from $367.0 million, or $311.43 per share.