Source: MEATINGPLACE, 11/6/13


Seaboard Corp. reported lower third-quarter earnings as weakness in its turkey business offset higher sales and income in its pork segment.

Seaboard, which holds a stake in Butterball, said the turkey division posted a $4 million loss in the quarter, compared with a profit of $300,000 the year before, due to high feed costs and impairment charges related to the sale of its Longmont, Colo., facility.

The company said it expects positive income for the turkey business for the remainder of 2013, resulting in positive income for the year.

In the pork division, operating income rose to $34.1 million from $29.9 million a year ago, buoyed by higher prices for its pork products sold primarily in the U.S. market. Sales in the unit climbed to $436.0 million from $413.1 million the year before.

The Shawnee Mission, Kan.-based agribusiness and transportation company said its third-quarter net earnings fell to $31.0 million, or $25.99 a share, from $74.4 million, or $61.92 a share, in the year-ago period. Net sales rose to $1.65 billion from $1.48 billion.

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