MERRIAM, KAN. – Seaboard Corp. announced its financial results for the fiscal third quarter ended Sept. 28, 2024, which included an operating income of $12 million in its pork segment. This is up from a $40 million loss in the same period for pork during 2023. The company’s pork segment reported operating income of $9 million for the first nine months of 2024 compared to a $325 million loss during the same period last year.

According to the company’s filing with the Securities and Exchange Commission (SEC), Seaboard Corp. reported net sales of $2.22 billion for the quarter, a decline of about 7% compared to $2.39 billion during the same period last year.

The Pork segment reported net sales of $493 million in the second quarter, a 2% increase over the same quarter in 2023, which totaled $483 million.  For the first nine months of the year, the pork segment posted net sales of $1.53 billion compared to $1.37 billion in 2023.

Seaboard  turkey segment, including Butterball LLC, which Seaboard has an investment in, reported net income of $21 million for the first nine months of fiscal 2024, compared to $61 million the previous year.  Seaboard said the decrease in net income was the result of a decrease in sales, which were $50 million and $139 million for the three- and nine-month periods, respectively. The company attributed the decline to weaker pricing that was partially offset by lower production costs. Net sales for the turkey segment stood at $484 million compared to $534 million in the third quarter of 2023.

Year to date, Seaboard said it invested $373 million into property, plant and equipment which included biogas recovery projects in the Pork segment and installment payments on vessels under construction in the Marine segment and other investments.