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Seaboard reports better quarter, new plants, $7.4M to ex-CEO and EPA settlement

by 5m Editor
9 November 2006, at 12:41pm

US - Higher volume and rates for marine cargo service and derivatives in its commodity trading and milling segment drove Seaboard Corp.'s improved third-quarter earnings and revenue compared with the same period last year.

The company also will make a lump-sum payment of $7.4 million to H. Harry Bresky, who retired as president and CEO on July 6 and remains chairman; will build two plants in Guymon, Okla.; and announced settlements with the Environmental Protection Agency and Oklahoma for violations at hog farms it owns in the state.

In a filing late Friday with the Securities and Exchange Commission, the Merriam-based company (AMEX: SEB) reported earnings of $61.2 million, or $48.51 a share, for the quarter that ended Sept. 30. That's a 16 percent increase from $52.6 million, or $41.69 a share, for the same quarter last year.

Sales for the quarter were $678.4 million, up 6.5 percent from $636.8 million last year.

In the SEC filing, the company said it expects to make the lump-sum payment to Bresky in January and will recognize an estimated $2.5 million in actuarial losses in 2007 related to it.

Source: Kansas City Business Journal

5m Editor