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Seaboard fiscal Q3 profit climbs YOY

Seaboard Corp. said its normalized net income for the fiscal third quarter ended Oct. 1 amounted to $53.39 per share, an increase from $20.82 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $62.5 million, an increase from $24.4 million in the prior-year period.

The normalized profit margin rose to 4.7% from 1.7% in the year-earlier period.

Total revenue decreased 5.7% year over year to $1.33 billion from $1.41 billion, and total operating expenses decreased 7.2% on an annual basis to $1.29 billion from $1.39 billion.

Reported net income rose year over year to $75.0 million, or $64.07 per share, from $3.0 million, or $2.56 per share.